The Rapid Evolution of the Blockchain Industry and its impact on global Payments

[Flydove]

the blockchain industry has been one of the fastest-evolving industries of over a decade now, making payments seamless across borders with different infrastructures, from staking and lending to Defi and multi-security layers.

companies in different countries have taken advantage of this, providing endless possibilities for payments, building all sorts of on-ramp and off-ramp services, from fiat currencies to cryptocurrencies in different chains. with this rapid change, the blockchain is poised to become the leading transaction space in the near future.

     

[Stuart]

The evolution brought about by the Blockchain Technology has made a real time positive impact to the way financial transactions used to be in the early days, and now with the different means of quick transaction confirmation brought about in this space.

A nearer future will make complete use of the blockchain technology for major transaction activities, and might lead to the disease of native banks, otherwise, the banking system will change in years to come. This technology has bridged the gap of international financial transactions and has made worldwide interaction even closer than ever, bringing like-minded people together, sharing ideas and knowledge.

[Kemarit]

the blockchain industry has been one of the fastest-evolving industries of over a decade now, making payments seamless across borders with different infrastructures, from staking and lending to Defi and multi-security layers.

companies in different countries have taken advantage of this, providing endless possibilities for payments, building all sorts of on-ramp and off-ramp services, from fiat currencies to cryptocurrencies in different chains. with this rapid change, the blockchain is poised to become the leading transaction space in the near future.

Yeah, probably one technology that can really revolutionized on how we save our data. And it has been used from elections to supply chain management. However, there are still a lot of services that haven't taken advantage of this technology.

As they going with their legacy systems. But I guess as time goes by, we might see a slow process wherein everything that plays with data and business decision making is based on it, blockchain will be embrace in the next 5-10 years.

[0t3p0t]

I wish more cypto minded companies will soon come and invest here in my country we don't want monopoly because the more the companies taking their risk here the more options we had for a better crypto industry. I hope the government will also figure this potential out so that they will support and not impose restrictions.

[bitterguy28]

A nearer future will make complete use of the blockchain technology for major transaction activities, and might lead to the disease of native banks, otherwise, the banking system will change in years to come. This technology has bridged the gap of international financial transactions and has made worldwide interaction even closer than ever, bringing like-minded people together, sharing ideas and knowledge.

we can already see centralized banks trying to keep up with the blockchain technology and this is only the start as we know we will see more of not only the banking industry but all kinds of industries tyring to implement the blockchain technology to keep up with the times and that they don’t get left behind i do not think this means banks will be totally and outright useless as it’s hard to imagine a world void of fiat or at least just currently

[Findingnemo]

Payments? Really? Am I living in a different universe?

Cross border transactions are happening between individuals but companies accepting payments is yet to happen, there were some e-commerce sites accepted but due to rhe regulations they also stopped their crypto payments for a while.

[Rruchi man]

the blockchain is poised to become the leading transaction space in the near future.

There have been a lot of limitations to the growth of blockchain technology, and its use and adoption have been frustrated a lot by the government; otherwise, it would have already been leading in the transaction space.

The good thing is that things can change and will change. There is a lot of positivity around this space on the future of blockchain technology. Its growth can only be frustrated, not stopped.

[yhiaali3]

I believe Bitcoin is largely responsible for the introduction of blockchain technology. While blockchain existed and was different from Bitcoin, it was Bitcoin's use of blockchain that made it widely available.

Even governments that don't accept Bitcoin are now realizing the importance and necessity of blockchain in every area of ​​life, not just payments, but in healthcare, technology, industry, culture, and virtually every other field. Therefore, I expect to see significant development and widespread use of blockchain in the coming years.

[target]

Its a gradual process but we are going there. The fiat system however isn't going down without a fight, right now there is a fight between the old system and the new. Although we are seeing blockchain adoption taking place, there is also a development in the fiat system where it can be use as well for digital payments.

ECB launch the EUR stablecoin too, they say its the EURC on CMC. So these stablecoins like USDT, EURC and so on may soon be very common for payments as well. Other countries may release their stablecoins too.

[NotATether]

Yes, blockchain, or as the rest of us normal people call it, "crypto", was the most evolving entity over the last 15 years, both in advancing progress to finance and setting us back massively.

If you are wondering why I said the last part, it is because that scams have become more advanced than ever before, largely thanks to social media platforms that put your scam in front of everybody. Phishing is another bad hit too.

[MUGNIA]

Payments? Really? Am I living in a different universe?

Cross border transactions are happening between individuals but companies accepting payments is yet to happen, there were some e-commerce sites accepted but due to rhe regulations they also stopped their crypto payments for a while.

Well, I also feel like I'm living in a different world, it turns out there are friends who think the same way about cross-border payments, try your OP mentioning one of the cross-border payments using crypto, because I've never seen e-commerce users using crypto for their payments, or even malls in my country.

[hugeblack]

Beyond the economic aspects, the potential for blockchain is still limited. Therefore, the development and construction of cryptocurrencies is the real progress, although more possibilities can be explored.

[TomPluz]

There is now no doubt that blockchain technology is one impactful, game-changing invention by man and this can be producing many innovations in so many industries now and into the future. Just imagine this: China banned cryptocurrency and yet it is using and even researching more on the use of blockchain technology. China hate Bitcoin yet it loves the blockchain technology. Right now, even banks are using this technology and is contemplating on how to incorporate it to their business.

[joniboini]

companies in different countries have taken advantage of this, providing endless possibilities for payments, building all sorts of on-ramp and off-ramp services, from fiat currencies to cryptocurrencies in different chains. with this rapid change, the blockchain is poised to become the leading transaction space in the near future.

Can you give an example of this? I know some payment gateways offer PoS service, but it's limited to one or two countries. I don't even know how much the demand and adoption actually are. If you're looking at an ATM map or something similar, I don't think the number is so high that you call it rapid evolution. Obviously depends on your definition and comparison too.

[hugeblack]

Can you give an example of this? I know some payment gateways offer PoS service, but it's limited to one or two countries. I don't even know how much the demand and adoption actually are. If you're looking at an ATM map or something similar, I don't think the number is so high that you call it rapid evolution. Obviously depends on your definition and comparison too.

He may be referring to a central bank digital currency, which is considered blockchain-based. However, governments will certainly not be part of cryptocurrency projects, and support will be provided to companies and organizations indirectly or directly through financial instruments. Therefore, do not expect a government to create a cryptocurrency (given that cryptocurrencies are decentralized).