Blockchain, the underlying technology behind the digital currency, bitcoin, has taken off as more companies realize its potential.
The European Payments Council has published the results of its poll on blockchain technology, showing that 90 percent think blockchain will have a significant impact on payments by 2025. The poll found that only 10 percent of respondents said that blockchain would have no significant impact.
Those who think blockchain technology will have a significant impact on European payments by 2025 chose the following scenarios:
According to a 2015 Deutsche Bank research paper, “Instant revolution or payments? The quest for real-time payments,” it found that blockchain will play a significant role in payments as the technology grows. It found that the use of blockchain as a payment solution means that an individual can pay in real time without the need for a middleman.
With the growth of blockchain increasing exponentially it is set to become a major game changer in the way we make payments in the future.