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Identity is a universal problem inherent in all technology. Be it banking, healthcare, national security, online retailing or walking into a bar, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.
The disruptive nature of blockchain technology is easy for people to conceptualize in the field of finance. T+3 interferes in traders being able to maximize earnings – payments shouldn’t take days to process while an email can be sent in seconds. As the first use case in many to come, finance is a perfect use for the blockchain.
For a technology that’s still in its comparative youth, blockchain has become incredibly influential, incredibly quickly. In August, the World Economic Forum released a report calling blockchain technology a “mega-trend” that will shape society in the next decade. Indeed, the WEF predicts that blockchains could store as much as 10% of global GDP by 2027.
Some economists believe we are making strides toward becoming a cashless society. But taking the wider view, the role of cash is changing as new kinds of cryptocurrencies such as bitcoin and Ethereum are becoming more popular, offering consumers more choices in terms of credit and payments. Whether cash continues to be king will hinge on the perception of cybersecurity and how it evolves with these alternative currencies.
The seed of FinTech innovation often comes from a desire to do things differently. In B2B payments, that can mean discontent in the way traditional banks and FIs do business or a need for disruptive technologies to come to market faster than banks can offer.
Gem CEO Micah Winkelspecht explains.
Capital One announced this week it is partnering with blockchain startup Gem to use the digital ledger technology to track claims for medical patients. I mention this not because it’s the most important story of the day, but because the notion of banks using the blockchain to address the nightmare that is our health payments system is just another sign of how quickly technology is changing the fundamentals of modern business.
Capital One is going to test out blockchain for health care claims and analytics, the company announced Monday.
Credit card and retail banking company Capital One revealed a handful of partnerships with several digital technology providers for its Treasury Management services — including a blockchain-based claims management solution for healthcare clients and another that uses new analytics processes to estimate healthcare patient costs.
Financial conglomerate Capital One is enhancing its Treasury Management Platform and focusing on healthcare applications by partnering with a host of digital technology providers, including blockchain specialists Gem.