The world continues to be reshaped by Fintech innovations. Many people are beginning to see the advantages of near field payment (NFP) applications. Some of the most popular tech companies are ushering in this future. It involves Google, Apple, PayPal, and even Facebook hopes to influence the growth of this sector. Soon, a system will be in place that transitions online payments from credit card numbers to these technology-based accounts.
The majority of people likely only consider the move away from credit cards as something toward Google Pay or Apple Pay. However, Facebook’s Libra, Amazon’s Managed Blockchain, and the IBM Blockchain illustrate that a very real possibility exists that the next Fintech revolution will be a substantial one.
Up until recently, hardware that served as a blockchain wallet was only available through a dedicated device that often resembled a flash drive. Software that one can download to a phone, desktop and external hardware devices remains the primary means for safely storing cryptocurrencies. This is all about to change.
Just a couple of years ago, a few companies began including secure blockchain architecture into their smartphones. This provides users with the freedom of Android and the security features that crypto flash drives began employing. The objective of these blockchain wallet phones is to secure the keys that provide access to crypto funds. They also severe as identity management devices and mechanisms for the emerging crypto payment systems.
One might call any of the devices below a future wallet:
- Samsung Galaxy S10
- HTC Exodus One
- Sirin Labs Finney
While security features are being designed to accompany things like Apple Pay and Google Pay, blockchain payment systems are on a whole nother level.
For those who are unfamiliar with blockchains and cryptocurrencies, it is important to understand that the two are not synonymous. Blockchains can be related to ledgers, and in fact, this is an aspect of their technology. Cryptocurrencies are an application for money. The two together provide a mechanism of value for digital assets.
The reason for the excitement is in how payments occur. Users, instead of organizations, initiate and complete digital payments. Without blockchain technology, this is very costly to do for people seeking independent transactions that are not backed by a bank or other financial institution. Some blockchains are now able to offer free transactions to their stakeholders.
