Fintech A.M.: 25-11-2017

Fintech A.M.: 25-11-2017

Technology doesn’t always pay off

Anything and everything dealing with digital payments has become where industries are positioning themselves. From cashless payments, to contactless payments, to blockchain- based instant payments, there is a push to make payments easier using technology.

The San Francisco Fed, though, just released a report that indicated that cash is still king in all major economies expect Sweden and Norway.  In fact, the repot asserts that “the demand for notes and coins is strong and shows no signs of slowing down.” For most people, the reports says, cash is still more convenient to pay for things with; it’s accepted almost everywhere and doesn’t necessitate having a mobile device or bank account, and is at-the-ready when funds are needed immediately.

Given all the ease of digital, cashless payments still isn’t as convenient for many people.

Blockchain beyond bitcoin

Bitcoin is the thing we usually hear when the word “blockchain” is uttered, which makes sense because it was originally made for bitcoin. But there are indeed many other uses for the technology and in the end, the best thing about bitcoin may very well prove to be the technology behind it.

For instance, blockchain can be used for customer data storage or managing medical records and health datapaperless trade in logistics, and for making cross-border payments, just to name a few. And its numerous applications are just beginning to be discovered and understood, which makes for a bright and exciting future for the technology and the way it could transform our world.

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