Beyond The Hype: What Blockchain Really Brings To PaymentsBanks have not prepared to retain control of customers and merchant payment interfaces in the face of blockchain or distributed ledger, according to managing consultant firm Bain & Company white paper.
Such technology removes intermediaries, simplifies counterparty connections and records data in a tamper-proof manner. It also promises faster speed, more transparency and efficiency for payments.
Bitcoin, despite some flaws, demonstrates these possibilities and has attracted a surge of investment. Ripple Labs, a blockchain startup, holds a seat on the Federal Reserve Faster Payments Task Force.
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