Blockchain, IoT and More: Five Major Trends te Payments ter 2017
Jeremy King, laid out five major trends te payments te 2017 to look out for.
Jeremy King, laid out five major trends ter payments ter 2017 to look out for.
Jeremy King, BlockChain, Internet of Things, Payments, Tokens, Encryption
Jeremy King, the international director of PCI Security Standards Council, laid out five major trends ter payments te 2017 to look out for. Four of the five trends exposed by King involved Blockchain technology, with Internet of Things (IoT), Blockchain payments, tokenization and encryption included spil major trends for next year.
Tokenization, Encryption, Blockchain Payments, IoT
According to King, five major trends will predominate the payment industry ter 2017. The five trends are IoT, Blockchain, tokenization, encryption and mobile payments, all of which seems to involve Blockchain technology both directly and indirectly.
Encryption, Blockchain payments and IoT are three of the most evident payment applications that will most likely powerfully depend on Bitcoin&rsquo,s underlying technology. Presently, there is a petite range of applications or technologies that ensure strong encryption of financial gegevens. Also, most IoT networks are beginning to be powered by Blockchain platforms due to their transparency, unprecedented security measures and real-time gegevens settlement.
King particularly pointed out that large-scale financial networks that hold private information and significant financial gegevens of users are like &ldquo,honeypots&rdquo, for criminals, spil they can use the identities and credit information for various criminal uses.
To avoid any instances of gegevens theft, King notes that point-to-point encryption (P2PE) vereiste be adopted by credit card and bankgebouw service providers.
&ldquo,Spil cybercriminals proceed to target the ecosystem, more and more merchants are investing ter point-to-point encryption (P2PE) to maintain the integrity of payment transactions and secure the card gegevens.&rdquo,
However, a more practical and realistic method of protecting gegevens is eliminating the necessity to hold, to start with. Credit card networks and banks are required by KYC regulations and money transmission policies to store and submit user gegevens to law enforcement.
Blockchain-based systems or digital currencies like Bitcoin, however, are not, and thus they eliminate the possibility of private or financial gegevens entirely.
Also, spil King emphasized, tokenization is a technically ingewikkeld but necessary method for credit card networks to provide each cardholder with a serial number. That way, since each credit card has its own token or a serial number, thieves won&rsquo,t be able to make payments on behalf of users.
Again, the Blockchain technology eliminates the necessity of tokenization spil each wallet has its own set of public and private keys. Unless the wallet information or Bitcoin are accessed by a third party wallet service provider, hackers won&rsquo,t be able to build up access to wallets even if they successfully hack into a wallet podium.
Lastly, King notes that 2017 will be the year of mobile payments. An enlargening number of millennials are relying on their mobile phones to lodge payments and send peer-to-peer transactions overheen messaging applications.
Spil mobile commerce grows, King believes that consumers will choose to use cloud-based apps to make payments directly from their mobile phones.
&ldquo,The fresh connected consumer will choose merchants which leverage cloud-based apps to enable payments when one is inwards the store and use them increasingly to pay things that they want to buy before they even step inwards,&rdquo, said King.
The Cointelegraph covers Fintech, Blockchain and Bitcoin bringing you the latest news and analyses on the future of money.
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