Page 1 - GS220201

February 14, 2022 • Issue 22:02:01

Blockchain, cryptocurrency

moving into mainstream

In this, the first of a two-part series, we provide an overview
of cryptocurrency, the underlying technology, blockchain,
and crypto payments. Part two will detail crypto's journey
to the retail POS.
Crypto is just one blockchain use case

Cryptocurrency is a medium of exchange that is digital,
encrypted, decentralized and based on blockchain
technology. A blockchain is an open, distributed database
(or ledger) that records information in code; the ledger is
collectively maintained by all participants.

While blockchain technology underpins cryptocurrency,
its uses are not limited to payments. A blockchain can
be used to transfer any type of information, including
property ownership rights, insurance claims, and securities
By Patti Murphy and payment transactions. The decentralized nature of
blockchain technology is expected to have a huge impact on
ryptocurrency, once the domain of tech-savvy financial services, which historically have been centralized.
speculators and black-market hustlers, is going
mainstream. A survey fielded in November "Beyond payments, blockchain provides banks the
C 2021 by the Pew Research Center found nearly opportunity to streamline complex workflows and optimize
nine in 10 adult Americans have heard at least a little about internal processes," Frank Sorrentino, chairman and CEO
cryptocurrency, and 16 percent have invested in, traded or at New Jersey-based ConnectOne Bank, wrote in an article
used a cryptocurrency such as Bitcoin or Ether. posted by Forbes. "Ultimately, the future of blockchain
banking has not quite taken shape, but there's never been a
Research by the website Payments.com and the crypto more exciting time to build a blueprint."
payment service provider BitPay found 18 percent of the
adult population, or 46 million consumers, are keen on the A new report from FTI Consulting revealed that at most
idea of purchasing items with cryptocurrency. of the largest financial services companies in the United

"We're in the early days of paying with crypto, both online Contributed articles inside by:
and in-stores," said Jeremy Belostock, head of advanced
payment methods at Verifone. Chad Otar ................................................................................................15
Jeff Fortney .............................................................................................28
As with all things digital, however, crypto is more likely to
vault than meander into the mainstream. "Five years from Tyler Kem .................................................................................................30
now you can expect to see wide-scale adoption," predicted David Haber ............................................................................................32
Eric Brown, founder and CEO of CryptoBucks, a payment
processor that supports crypto as well as traditional card Duleepa Karunaratne ..........................................................................33
payments.
TOC on page 3

Continued on page 26