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Industry Disruptors

Blockchain: More than a buzzword

By Andre Boysen

F

rom data breaches to identity theft, to statesponsored hacking and crooks stealing real ad revenue with fake users, the integrity of our digital lives was thoroughly tested in 2016. Moving into the new year, it seems the scenario corporations and governments face with regard to more data breaches is not if but when. Never before has consumer data been so openly under threat. And yet, as they say, every cloud has a silver lining. With billions made vulnerable, a conversation has begun that places consumers at the centre of privacy and cybersecurity improvement initiatives. We don’t need a study to show that more and more of our lives are taking place online—that is the natural trajectory of the digital age. Our digital and real world identities are quickly becoming one 4

PAYMENTSBUSINESS

and the same; it follows that as our dependency on online services increases, efforts to defend user experience, security and privacy must empower the consumer to claim absolute ownership over their digital assets—just as we do in the real world. At the same time, service delivery organizations want to deliver on the long-promised vision of omnichannel service delivery but with a more cohesive and pleasant customer journey.

Enter blockchain Blockchain has emerged as an important tool in the fight to develop sound security measures for digital identities in a digital world. The technology is more than a trendy buzzword. Not only has its impact already been immensely disruptive in the financial services sector, but companies and governments worldwide have also begun to consider blockchain in strategies looking to empower and protect consumers’ digital assets. This is an important step in improving the January/February 2017

Payments Business Jan/Feb 2017  
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