The Future of Blockchain from the “Revolution Center” Money20/20 Conference

Every company I spoke with at the conference had heard of or was looking at distributed ledgers in one way or another, and while the timelines varied from company to company, they all seemed to be planning to implement distributed ledgers in the future.

Blockchain without Bitcoin is just a distributed database

Interestingly, many banking platform companies do not seem to understand how blockchain works. They think blockchain is irrelevant to Bitcoin, which is just the first experiment of blockchain and it did not go well.

I find that most companies are very curious about blockchain and want to learn more, but are surprised to hear that blockchain can exist independently of digital currencies or assets. However, blockchain without Bitcoin lacks the security and decentralization that the Bitcoin protocol ensures.

Fundamentally, a blockchain without Bitcoin is just a distributed database and lacks the security required for value transfer.

The future of credit cards, digital identities and mobile payments

Almost everyone agrees that credit cards in their current form will become less and less relevant in the future of payments, as the infrastructure and systems that support them are becoming more penetrable and hackers now see credit cards as an easy target, and biometrics are being considered as a solution for the credit card, digital identity and mobile payment industries.

The development prospects of distributed ledgers in mobile payments and digital identity business are very broad. I firmly believe that the future of the payment industry is definitely based on digital and mobile, with great convenience and without the need to have a bank account.

Financial technology firms see opportunities in digital currencies and blockchain

Few companies will ignore the potential of blockchain in the upcoming global financial system. While many people believe that Bitcoin is the new gold, there are also many people who completely resist Bitcoin, thinking that Bitcoin is a synonym for dirtiness and cannot even be mentioned.

After listening to different opinions and examining the products in the market, I believe that the future prospects of financial technology are undoubtedly centered around digital currency and blockchain.

Original article: http://cointelegraph.com/news/blockchain-future-a-report-from-the-centre-of-the-revolution
By Niall Maye
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/blockchain-future-the-centre-of-the-revolution)