Money, as a medium of exchange, has existed for thousands of years. It plays a critical role in economic activities. Money holds the characteristics of divisibility, durability, limited supply, portability, uniformity, and acceptability. Precious metals such as gold and silver satisfy these characteristics. Therefore, gold and silver are often used as money. Gold and silver have intrinsic values. For example, gold can be used to make jewelry. However, gold and silver as money have drawbacks. For instance, it is not convenient to carry a bag of gold when a trade involves a large amount of money. To address this issue (along with others), paper money was introduced and used. Unlike gold money, paper money does not have an intrinsic value. It has value, since an institution such as the government or a bank backs it.
Many people heard about blockchain technology because...