Blockchain is a promising technology that has the power to disrupt financial services and, more specifically, the payment ecosystem but the road to success is long, says Jean-Noël Georges, global program director at Frost & Sullivan.
“As with all other digital technologies, blockchain will have to iterate year after year to better contend with coming challenges,” he says.
The article describes the origins and evolution of blockchain and distributed ledger technology, and identifies its potential benefits as a means of developing a simplified payment ecosystem, stronger security, new business models and new directions for payments. It also lays out the specific challenges that still need to be addressed: regulation, security, transaction time, cost efficiency and interoperability.
Georges then draws on the findings of a recent Frost & Sullivan study to examine the potential impact of blockchain on cryptocurrencies, mobile payments, P2P payments, cross-border payments and micropayments.
This article has been written by Jean-Noël Georges, global program director at Frost & Sullivan, and forms part of NFC World’s What’s New in Payments report.
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This item is part of What's New in Payments.