Harry Smorenberg
As we are still very much focused on payment developments in the areas of cards, mobile, and new instant payment infrastructure… technology will change the payment / transaction space dramatically. Bitcoins opened the eyes of many where the existing gatekeepers raised many questions, afraid for the unknown and uncontrolled new market movements. But the various developments of “Bitcoins” is just one face of the underlying potential of “Blockchain technology” ! Blockchain is well positioned to change the entire transaction landscape dramatically.
With the introduction of Ethereum (www.ethereum.org), a decentralized platform that runs smart contracts , will shake up not only the financial services industry but all actors involved in the value chain of “any” transaction. With this new technology, one can develop applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference an minimal cost. A lot of the present intermediaries such as interbank clearing houses, SWIFT but also notaries, lawyers, etc, will have to readdress their market positioning fast. Ethereum is not just for the experts in blockchain. This new common language enables everyone to use simple and secure Apps (open source development) to initiate any direct peer-2-peer contract on anything. This will shake up the payments/transactions landscape. A ‘payments’ could be translated into new forms of exchanging ‘counter values’. This could be services, goods (barter), or anything else as a ‘payment’; simple, secure and without expensive transaction costs involved!
At Global Payment Summit we focus on disruptive innovations in the transaction space. Our program offers a ‘for-by professionals’ platform, addressing key developments and exchanging relevant expertise amongst peers, globally. (www.globalpaymentsummit.com)
