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The advent of digital technology, globalisation, and the growing inefficiencies of the conventional brick-and-mortar banking system created a need for an integrated approach to business transactions. As countries across the globe increasingly embraced the principle of free trade, the attendant rise in the outflow and exchange of financial products, goods, services, and jobs necessitated the need for an all-encompassing digitalized payment system. Hence, the introduction of blockchain technology in 2009 signaled a paradigm shift that has completely revolutionalised commerce and industry across the world.

Considering the massive adoption of blockchain globally and its relevance in decentralised finance (DeFi), cyber security, supply chain management and almost every aspect of human endeavor, it is safe to conclude that it is one of the biggest innovations in human history.