We live in a dynamic business world, which is constantly evolving with newer innovations and technologies disrupting the traditional methodologies of living our day-to-day lives.

When the world becomes comfortable with one technology, a newer and better technology often comes to play, breaking the routine and bringing about drastic changes.

Be it drones for commercial deliveries, voice payments for businesses, or the use of cryptocurrencies for our daily transactions, ground-breaking innovations are paving the way for the rapidly changing 21st century.

Invention converts into an innovation when it couples with mass commercialization and adoption. Cryptocurrency is the result of an invention, which is now poised to become the next big innovation in the fintech industry.

Cryptocurrency refers to any digital currency that employs principles of cryptography (communication that is secure from view of third parties) to ensure security, privacy, and anonymity.

All types of cryptocurrencies are decentralized -- they operate independently and are not coined or regulated by a single central authority. Consequently, the value of a cryptocurrency is not set by anyone other than market participants, who engage in the process of buying and selling on an exchange platform.

Cryptocurrencies are often referred to as electronic or digital currencies as they all share the same inherent qualities of encryption.

In this article by Business Insider's premium research service, BI Intelligence has explored the megatrend of the cryptocurrencies, their rise, and the future of the financial phenomenon.