29 Aug '15, 10am

Blockchain Tech Could Save Global Business $550 Billion Per Year #bitcoin

Blockchain Tech Could Save Global Business $550 Billion Per Year #bitcoin

Jeremy Almond is cofounder and CEO of PayStand, a payments-as-a-service platform. He is a frequent speaker on next-generation payment technologies, including bitcoin and the blockchain. Here, he examines whether open Internet standards and blockchain technology can rescue the last bastion of analog payments. In today’s globally connected, digitally driven, Internet golden age, it may surprise you that when businesses pay each other for goods and services, they still pay by check. According to a recent Goldman Sachs report , paper checks account for at least 50% of B2B payments. While credit cards have made consumer purchases faster and easier, the merchant fees involved are a deal-breaker for high-value B2B transactions. It’s 2015, but without a viable digital alternative, we’re now sending $26tn per yr through an analog system invented 2,000 years ago . But what about the...

Full article: http://www.coindesk.com/blockchain-tech-could-save-global...

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