Skip to main content

bitcoin: IoT and Blockchain Technology Collide in the Payments Industry

bitcoin:
The Internet of Things (IoT) and blockchain-based advancements in the payments industry were among the many themes explored at TRANSACT, a tech-centric, payments industry conference held on May 10–12 in Las Vegas.
A panel discussion entitled ā€œHow IoT is Revolutionizing Paymentsā€ included a brief discussion regarding the emerging intersection between the Internet of Things and blockchain technology in this industry. On a similar trajectory as the blockchain, much attention has been given to the future of IoT, defined as an ecosystem of physical devices — from mobile phones to wearable tracking sensors — that gather and share electronic information with one another. Research firm IHS Markit (https://ihsmarkit.com/) estimates that 30.7 billion IoT devices will be communicating with one another by 2021. This complements a global blockchain technology market that’s expected to grow from $210.2 million in 2016 to $2.3 billion by 2021 according to Market Reports Hub (http://www.marketreportshub.com/). The collision between the IoT and blockchain worlds portends some important payments industry developments around the efficient tracking of device payment history, all supported by a ledger of secure data exchanges among devices, web systems and users. Further, this technological convergence also shows promise in terms of the use of smart devices that are programmed to conduct a variety of transactions such as the automatic issuance of invoices and payments.  Dan Loomis, vice president and director of mobile product management at the business and financial software firm Intuit, is firmly entrenched in this evolving IoT/blockchain conversation through his work in creating payment experiences for businesses that operate on a global scale, and brought this expertise to the TRANSACT panel discussion.In an exclusive interview with Bitcoin Magazine, Loomis remarked that for the small, emerging business clients he works with, cash is king. ā€œFor our team at Intuit, it all comes down to how we can help these businesses create immediate operating capital. The ability to quickly onboard clients into a payment service and to get paid quickly is really important. Their mantra is often ā€˜Pay me, pay me faster, and how can we as a business accept all methods of payment?ā€™ā€Loomis says that at his company and for the payments space in general, the thought of leveraging the blockchain’s immutable, permanent, auditable features is fascinating on a variety of levels. He notes that specific to Intuit, there is a lot of investigation going on into blockchain technology and how it may be applied to their payment models. ā€œWe facilitate a lot of invoice, payable and receivable experiences for our clients. Aspirationally, being able to track these logistics in a manner that’s clear and transparent via blockchain [technology] would be very appealing. It has a high level of integrity as a technology and cannot be questioned in terms of its functionality.ā€ Healthcare is one vertical market that Intuit is targeting. Loomis says that in this industry there is always a trail of information that’s important to unravel and look at, from medical record information to who the patient’s service provider is. ā€œI think that blockchain [technology] can help wrap this together and be a critical vehicle for a healthcare space that’s somewhat arcane and at the same time leading edge.ā€ When asked about the immense possibilities around blockchain technology and IoT in terms of it being fully leveraged at Intuit, Loomis remarked, ā€œI have no doubt that a developer in our company ecosystem is at least thinking about this closely.ā€ Loomis believes that IoT and blockchain technology will emerge at Intuit when these technologies have a strong, demonstrated fit that can actually be matched with end user value. ā€œI think market deploy in this space is one of those things we’ll see come to fruition when the time is right and it meets our bitcoin:
customer benefit.ā€The post IoT and Blockchain Technology Collide in the Payments Industry appeared first on Bitcoin Magazine (https://bitcoinmagazine.com/).

Comments

Popular posts from this blog

WZoneLite – A Pretty Cool WooCommerce Amazon Affiliate Plugin .

Everyone wants to make a million dollars by being a blogger. The promise of riches and internet fame is a big draw to doing it for a lot of people, and I’m sorry to say that the reality of being a blogger (even a professional blogger!) is not quite…as financially lucrative as all that. But that’s not to say that it  can’t be –one of the best ways to start your empire is with an Amazon affiliate plugin. For me, the Amazon Associates program has been one of the biggest earners for me over the years. Not only are there CPM ads like Google Adsense (you know, the normal banner ads we all love to hate), but any time someone clicks a link from your site, you get a percentage of  anything  they buy while the token from your site lasts in their browser. If they buy a song, you get a few cents. If they buy a new MacBook Pro and iPhone? You get…a lot more cents. With that in mind, WZoneLite is a  pretty cool WooCommerce Amazon affiliate plugin that syncs everything together s...

Windows 10 now on 600 million machines.

Microsoft CEO Satya Nadella told shareholders that Windows 10 has now passed 600 million monthly active users, picking up 100 million since May of this year. This number counts all Windows 10 devices used over a 28-day period. While most of these will be PCs, there are other things in the mix there: a few million Xbox Ones, a few million Windows 10 Mobile phones, and special hardware like the HoloLens and Surface Hub. The exact mix between these categories isn't known, because Microsoft doesn't say. The company's original ambition (and sales pitch to developers) was to have one billion systems running Windows 10 within about three years of the operating system's launch. In July last year, the company acknowledged that it won't hit that target—the original plan called for  50 million or more phone sales a year , which the retreat from the phone market has made impossible. But at the current rate it should still be on track for somewhere in excess of 700 million use...

Mayweather's Marriage Proposal -- I'll Love You Forever ... But Your Attitude Sucks!

It's what every little girl dreams of ... a marriage proposal over text message ... complete with crazy Hollywood bribes and a demand that you change your crappy attitude, stat.  And that's exactly what Floyd Mayweather fired off to Shantel Jackson back in April '14 ... according to new court docs obtained by TMZ Sports.  Jackson put the proposal on display in new legal papers filed in her nuclear war with her ex-fiancee ... which shows how Floyd tried to convince Shantel into getting engaged for a 2nd time.  "This is what I offer to you. Let's get married move in together you can go back in forth to L.A and stay at the condo." "I promise I will get you in 3 A list movies this year and I'm willing to go to counseling to make us work and you can get the stuff you want and I'm willing to change but I need you to have a better attitude." How romantic, right?! Shantel says she shot down the offer (shocker) ... and included several t...