Banks around the globe are setting up sandboxes to test and see how blockchain can be implemented within their core business.15% of banks worldwide are expected to widely implement blockchain, by next year, according to the IBM . 2017 will be the year of mobile payments as an increasing number of millennials are relying on their mobile phones to settle payments and send peer-to-peer transactions over messaging applications.
Major trends that will revolutionise the payment industry in 2017
The five trends are IoT, Blockchain, tokenization, encryption and mobile payments, all of which seems to involve Blockchain technology both directly and indirectly.
Blockchain is the technology which powers Bitcoin, Ethereum, and other cryptocurrencies. It is an immortal, immutable, openly accessible ledger of all transactions which have happened in the network since its inception. Almost every cryptocurrency has its own Blockchain. New transactions are registered and compiled in batches called “blocks” at regular time intervals; the blocks are created via the process called “Bitcoin mining” and added to the end of the “chain” of all the existing blocks, hence the name for the system. Blockchain’s existence allows every user to verify the fact that every specific transaction has indeed taken place at a specific moment in time.
Bitcoin payments are instances of transfer of bitcoins between parties of an exchange. Bitcoin is a digital currency, which means that it can be used to pay for goods and services if the party providing those goods or services is willing to accept them. Bitcoin payments can be conducted directly between the public Bitcoin addresses of the buyer and the seller, or, alternatively, they may be processed by a third party, known as a payment processor.
Encryption is the process of encoding information, so that unauthorized parties cannot access or modify it, even in a case of interception. Encryption is a large part of maintaining one’s privacy online: there are many ways for a potential attacker to steal data being transferred over the Internet, but if it is encrypted, it will be of little use for the hacker.
NanoBNK Initiative
The aim of NanoBNK is to leverage blockchain technology to offer services like digital wallet and payment infrastructure. It is thus promoting an “affordable, faster and safer” user experience.
With the NanoBNK products like digital wallet and remittance, a user can simply log into his mobile application and initiate transactions rapidly through its simple and intuitive UI.The idea is to have an interface that the masses will understand, so that they can tap into the world of crypto-technologies.
The Anglo African team can assist you in unlocking the full potential of FinTech for the prosper of your business. If you have any queries, or if you would like further information, please contact us on 2331636 or by e-mail at contact@infosystems.mu.
