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, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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