Visa: Blockchain is No Longer a Choice Anymore

News and Analysis

The latest report released by Visa Europe discussing the current matters in the payments industry gave profound consideration to innovations in financial technologies, as well as blockchain-based solutions.

According to the document’s authors, those technologies became real in 2015, and the companies cannot ignore them any longer.

“If we think back to how it was perceived a year ago and then how it is understood today, it’s clear that another transformation is happening. 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 formalisation of virtual money as a commodity, just makes it more real than ever before,” the report reads.

Moreover, Visa Europe thinks that the forthcoming year is about to confront the industry with numerous challenges.

“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,” the authors wrote.

In the year 2015, remittance volumes increased roughly by 9% in the financial sector. Companies like Apple, Google, and Samsung became more proactive on the market. As the competition grows, the bitcoin industry shall be ready to face the new challenges in 2016, including those mentioned in the Visa Europe’s report.

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