ID8 Tour | Money 20/20 – Blockchain & Crypto
Blockchain and
crypto have made a surprising resurgence to the agenda at Money 20/20, likely
driven by the growth in central bank currency pilots and collaborations into potential
use cases for government issued digital currency. The Indue client tour
participants absorbed broad learnings on how the concept of a fully digital
decentralised network could benefit customers and clients in the payments and
banking sectors.
A wide spread of
blockchain use cases were presented, everything from connected cars through to
micro payments, with the major feature being the ability to move money in
real-time at lower cost, a presumption that we see either prove or disprove
itself in the years to come.
The focus on the
use of crypto in payments has been heavily on enabling cross-border
transactions, as well as the challenges posed by increasing regulation.
The bold headline
from proponents of the technology at Money 20/20 was that everything will be on
blockchain – it’s only a matter of time.
This optimism
comes with words of warning. These technologies continue to be developed
through a cycle of uncertainty and regulation remains a major challenge. With
improved regulation we will likely see a more stable and genuine value emerge
for crypto and the development of more businesses with underlying strength.
With these
expansive developments in the fintech space, Indue continues to stay tuned to
these innovations to provide our clients and their customers with strategic
guidance and forethought on the payments landscape of the future.