Regulatory scrutiny is increasing, but this isn’t slowing the pace of blockchain activity — if anything, it’s helping the industry mature. As financing methods shift and investors search for the killer app, we dive into eight trends shaping the future of blockchain technology.
In the U.S. market, no mobile wallet has emerged triumphant yet. The user base is split among operating systems and also fragmented across services like PayPal, bank-specific ventures like Chase Pay and retailer solutions like Walmart Pay.
The money transfer segment of the commercial financial services sector is vast, with transactions taking place on both a domestic and international cross-border basis. A recent Juniper Research market study found that global cross-border B2B money transfers totalled $136 trillion in 2017.
Blockchain technology is transforming the way we do business by allowing consumers to cut out the middleman in numerous vital services, reducing costs and boosting efficiency. In this way it has the potential to reduce poverty throughout the developing world.
The digitization of payments is a necessary stepping stone in hauling anti-corruption systems into the 21st century. By leveraging payment data and advanced analytics, governments could save up to $1 trillion worldwide.
The retail banking sector continues to pursue digital transformation projects. Mobile devices are key to their strategy, as banks move to a ‘mobile first’ approach. It’s a global trend supported by the scale of a declining financial services workforce, and the number of physical branches.
“This is what is so significant about blockchain platforms: by creating a secure database across many different computers, this system removes the need for a bank or any other institution to exist at the centre overseeing and regulating the data.”