Over the years, there has been a sequence of financial processes for the exchange of value that has been relied upon by the economic marketplace.

Beginning with a barter system whereby one would trade for example six sheep for several hundred bushels of wheat

to the adoption of a national monetary system;

the development of a privatively underwritten statutory system i.e. the Uniform Commercial Code (UCC), reflected through the use of negotiable instruments, such as promises and orders to pay;

and more recently to the present day's rather pervasive use of electronic fund transfers (EFT), there has been an evolution of mechanisms that serve as a basis for how we do business, and moreover one earmarked by the dual advantages of efficiency and reliability.

As such, provide your analysis and insight regarding this progression of financial mechanisms, along with your thoughts regarding the ever increasing sophistication of each of the systems described herein. Consider the various advantages and disadvantages of said systems.