Blockchain has lit a fire under payment developers
Cryptocurrencies are the only type of currency to be casually exchanged in every country. Bitcoin may have been what grabbed the attention of the world…however, let’s not forget that it was and still is blockchain technology which holds it all together.
By creating a distributed ledger on the blockchain, bitcoin and many other cryptocurrencies were accepted and exchanged all around the world. As of August 2018, there were more than 1,600 different types of cryptocurrencies in circulation. All you need is a computer or mobile device and an internet connection.
Blockchain technology made the financial world smaller through security with transparency by creating records and storing them in "blocks," making it possible to build open source banking systems such as BABB and Coinbase. It gives users the ability to buy, sell, and store their money without a bank using the magic of the internet and cryptography.
Blockchain and cryptocurrency have brought people closer together. We live with many restrictions, and in many circumstances, these restrictions can have more of a negative impact on our lives than positive. Through the development of cryptocurrencies and web-based and mobile apps, anyone, anywhere in the world can now buy or sell services with one other, free of regional restrictions that have always existed.
We are seeing new websites and apps pop up on a regular basis, all offering something different than whatever they’ve chosen to compete with. It’s truly amazing how fast it has become to build and host apps; new ones appear almost a week after the idea was conceived. Also, we are seeing apps that are developed just because someone was fed up with a service and decided to make their own.
All of this is putting pressure on the larger PSP companies—as well as app developers—to keep up with innovations and maintenance. This is resulting in a much more competitive marketplace, although too much selection could create challenges for the end user.