2 min reading time
Story 150 – 2030 – Innovation Megatrends Safety

The cashless society

How national crypto currencies developed

As early as in 2018, more than ten nations were working on establishing a national digital currency. The first national crypto currencies were created after 2025. They offered a new way of purely digital financing of projects and companies.

The IoT, Internet of Things, enabled the networking of physical and virtual objects and information and communication technologies and thus collaboration with each other. Only the use of block-chain technology managed the resulting data volumes securely and efficiently. Therefore, the participants in the IoT, i.e. the connected devices, can execute payment processes – and this with the new national crypto currencies.

In 2017, when one of the first crypto currencies, Bitcoin, was booming, “mining” these digital currencies was time-consuming and extremely energy-intensive. In addition to energy-hungry computer clusters, cooling the computer systems was also a major problem. Iceland was one of the few places where currencies could be produced without fossil energy sources being required. Nevertheless, “mining” a Bitcoin in Canada in 2017 costs just under USD 4,000.

Now, in 2030, the new national crypto currencies can be “mined” much faster, more efficiently and more environmentally friendly thanks to extremely energy-saving computer technology in combination with sophisticated cooling technology using special copper conductors and electricity from many different regenerative sources. The forerunners are Asian nations, above all China and Singapore. In the late 2020s, considerable investments had been made there to gradually integrate infrastructure and industries into these currency flow processes. Dubai in the UAE was a pioneer with a state-supported crypto currency. Thus, consumers in Dubai were able to pay their bills for school fees, water, electricity and gas in Dubai's crypto currency well before 2030.

Digging for digital currencies has long been a very costly and energy-intensive process. In 2030, things will look completely different: thanks to extremely energy-saving computer technology combined with sophisticated cooling technology, the new types of crypto currencies can be produced faster, more efficiently and in a more environmentally friendly way.