Visa Bullish on Blockchain for 2016

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Visa Europe posted an article this week  “Why 2015 was the year for payments” and according to the report, they postulate that the Fintech sector saw a rapid evolution in 2015.

Noting the year started off with Bitcoin… but soon Blockchain took the center stage, which they deemed transformative, noting that they are both something, “…the industry has to live with.”

From the article:

2015 has turned blockchain into something the industry has to live with. It is no longer a choice anymore. Recent news speculating about the identity of its creator and the formalization of virtual money as a commodity, just makes it more real than ever before.

The challenges for blockchain and bitcoin in the year ahead will be two-fold.  Proponents will have to further address the lack of trust, a challenge the have  faced since their creation.  Then, the challenge of turning these technologies to tackle more real-world scenarios, such as sending money overseas.

Visa writes further that Fintech is genuinely transformative as it crosses boundaries, dismantles borders and delivers values for consumers and companies alike.  With some start-ups achieving billion dollar plus valuations, Square ($6n) and TransferWise ($1bn), Fintech really has arrived.

Earlier this year Visa Europe’s innovation hub teamed up with distributed ledger specialist Epiphyte on a project looking at how Blockchain technology can be used for international remittances. Conceding that traditional payment rails are far from ideal for remittances, Visa Europe Collab is turning its attention to a new technology that has long been touted as a cheaper and simpler alternative for moving funds across borders.

Edan Yago, CEO, Epiphyte, said:

“International remittances are vital for millions of families across the world, but they can be expensive, cumbersome and slow. We believe that blockchain technology has the potential to change all of that, but we need to find a way of making that technology work for the mainstream financial world.

“By combining Visa’s experience as the largest payments network in the world with our experience of the distributed ledger we’re hoping we can work together to reshape this sector for the better.”

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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