The future of exchanging value
How is your business shaping digital payments and the trust economy?
A closer look at ‘technologies of trust’. How bitcoin and other cryptocurrencies and blockchain technology is changing payment solutions.
We know the way we pay for things is changing.
Development of new payment solutions, technologies and currencies are driving a transformation in the point of sale, and while we still commonly pay in cash, the way consumers exchange value for goods and services is clearly shifting.
Yet technology alone cannot determine the speed and means by which transformation occurs. Social factors play a powerful role in the adoption of change – technology changes society, but society also changes technology.
Payments continue to move from the physical to the digital world with consumers choosing to pay with the tap of a card, click of a mouse or the press of a finger, rather than currency. As these preferences progress, many believe the next step in value exchange falls naturally in the direction of ‘technologies of trust’ like cryptocurrencies such as Bitcoin and the blockchain technologies that underpin them.
But how likely are ‘technologies of trust’ to become mainstream? And what can else can they be used for?
While this game-changing technology stands to go far beyond a payment mechanism, its potential hinges on an extremely important element – trust.
The trust between two parties is one of the strongest factors shaping how money and its associated technologies are adopted. While blockchain technology claims to make even the question of trust obsolete, consumers must first believe this to be true!
‘The Future of Exchanging Value: Cryptocurrencies and the trust economy’ explores this in detail.
Part 2 in a series from Deloitte’s Centre for the Edge, this report draws out the potential implications of big and small change driven by both social and technological factors. It goes beyond prophesying to truly grasping the significant advantages and challenges each scenario may deliver. The Future of Exchanging Value Part 1, published in 2014 uncovers the inception of virtual currencies with the explosion of new technology and the rise of mobile.
Explore more by downloading the report.