NetworkNewsWire Editorial Coverage: Change is coming in the financial sector. The desire for faster payments and better audit trails is leading companies away from traditional payment systems and toward innovation. Blockchain technology is increasingly relevant in this area, with companies such as Global Payout, Inc. (GOHE) (GOHE Profile) applying the technology to improve payment processing and logistics in the financial sector. Mastercard (MA), one of the biggest players in payment processing, has obtained patents to develop its own blockchain systems. Glance Technologies (GLNNF) (GET:CNX), which specializes in payment solutions for customers, has partnered with Netcoins Inc. to integrate blockchain-based cryptocurrency payments into its systems. Import/export payments can now be processed through blockchain smart contracts, thanks to LongFin (LFIN). Unsurprisingly, given all these developments, direct banking and payments company Discover Financial Services (DFS) has identified blockchain as one of the most important technologies for the future of payment.
Blockchain technology is shaking up the financial sector in big ways. Its decentralized ledger system is the power behind cryptocurrencies such as bitcoin, which continue to rise in value despite setbacks early this year. Analysts at the World Economic Forum predict that 10% of GDP will be stored using blockchain by 2025. But this isn’t based just on the rise of cryptocurrencies. It comes from the far wider applications of…
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