Cryptocurrency also called as digital currency is nothing but an advanced and more secured version of fiat money. It’s completely an internet-based digital asset designed to work as a medium of exchange, where all the transactions for various forms of cryptocurrency are verified using advanced technology and added to the blockchain digital ledger. The first-ever cryptocurrency was bitcoin which was released in 2009 and since then the cryptocurrency market has grown dramatically. Now, in 2021 there are more than 2000 alternatives to bitcoin (aka alt-coins) in existence, and a new token may get launched tomorrow, one never really knows.

Even today, when most of us think of money, we naturally go back to paper money, credit, or debit cards (banking system). While the current framework works well for most individuals, money is still far from being perfect. Sending money across the world is expensive and takes a great deal of time, and a few people don’t believe the public authority enough to feel sure of the value for money. One important aspect that differentiates cryptocurrency from fiat/paper money is that it’s decentralized, which means cryptocurrency not regulated by any central or government authority. Furthermore, money in physical form can be easily lost or stolen and it also promotes corruption. Adopting cryptocurrency as the form of currency would not only ensure transparency but will also help in wiping out corruption to great extent.

Governments across the world are anyways on the path of phasing out the money in paper form with the emergence of various online modes like credit/debit cards, money transfer applications, which is also integrated well with cryptocurrency exchanges and wallets. Another motivation behind accepting crypto is that it’s impervious to any alteration and manipulation. When a transaction is completed, it’s verified and recorded, therefore it cannot tamper. 

Announcements like all eligible PayPal account holders in the U.S can now buy, sell or hold cryptocurrencies, we can unhesitatingly see the future of digital currency.

Though all this sounds quite appealing, trading in cryptocurrency is not fully secured with bad guys finding ways to earn illegally with the assistance of stolen information. The online platforms where customers buy, sell or exchange cryptocurrencies are termed as cryptocurrency exchange platforms. There are a number of crypto exchange platforms and digital wallets that do not require verification of users eager to do the transactions, which leaves significant room for hackers. Cryptocurrency can only take over fiat money when all these exchanges ensure the highest levels of security from potential fraud, money laundering, and other identity-related risks.

There’s no need to worry as every problem has a solution. With AZYO Automated ID Verification Solution, we can see a smooth and bright future of cryptocurrency. With AZYO’s phenomenal solution, it’s easier for businesses to meet KYC, AML, GDPR & CCPA Compliance. AZYO amalgamated the power of Convolutional Deep Neural Networks, Powerful Graphical Processing Units, Artificial Intelligence, Facial Biometrics, Optical Character Recognition, Advanced Machine Learning Algorithms, Blockchain & Certified Liveness Detection to help businesses rapidly convert more customers, stop fraudsters from infiltrating the online ecosystem and get in compliance.

AZYO is consistently evolving to verify identities and prevent fraudsters! It leverages Blockchain which is one of the most secure data protection technologies. The level of security offered by a distributed ledger system offers benefits to establishing a secure data network. Rapid advancements in digital technology have introduced new challenges around data security. AZYO has implemented strong authentication and cryptography key vaulting mechanisms to secure critical data. Our Blockchain technology is enough to address the challenge of data security and prevent malicious cyber-attacks plus the level of security offered by a distributed ledger system offers benefits to establishing a secure data network.