As conversation about Bitcoin and other cryptocurrencies continues to sweep the financial sector, late 2017 saw two giants of the electronic payment industry, Visa and Mastercard, announce blockchain APIs (application programming interfaces). Although controversy and value swings continue to drive skepticism towards digital currencies, interest in the associated blockchain technology is at an all-time high among major corporations across multiple sectors. Robert Ronning, co-founder of leading Canadian Fin-Tech company PayVida Solutions, discusses how the groundbreaking technology has become the impetus for extensive innovations across the payment processing industry.
When Mastercard announced their APIs, they suggested three main use cases. The first was providing proof of provenance, the second was preserving vehicle service histories, and the final was person-to-person fund transactions that utilize Mastercard’s settlement network to make the transfer between banking institutions. The blockchain, which is essentially a computer science pattern for structuring and storing data, would allow them to effectively implement a permanent, distributed ledger to securely monitor these uses. In a consumer environment where giants like Facebook have banned blockchain and cryptocurrency advertising, large corporations including Visa and Mastercard are making an important statement by adopting the technology, believes Robert Ronning. “The future of payments is blockchain centered,” said Ronning. “Which will reduce fraud and create more awareness of what’s occurring in the payment landscape.”
Now firmly in the age of the 24-hour business cycle, merchants and consumers alike want seamless, frictionless technology in every aspect of their lives. By embracing this philosophy, PayVida has been able to provide industry-leading payment processing solutions as a fresh and growing company. And although it is prepared to operate within a massive payment system that is driven and controlled by blockchain technology, it has yet to offer support for Bitcoin or any other digital currencies. “The struggle payment professionals have right now is the lack of government regulation,” explained Ronning. “We welcome the technology with open arms because we love the fundamentals of what blockchain is and feel truly that it will bring massive improvements, but we struggle with the lack of government involvement. “The company would first like to see an international corporation introduce their own ICO (initial coin offering), and create a cryptocurrency in conjunction with the government. “At that time we will fully adopt blockchain,” said Ronning.
Robert Ronning is an entrepreneur and financial technology professional from British Columbia. Considered one of the foremost payment processing experts in Canada, Ronning is the co-founder and main visionary behind PayVida Solutions, a leading financial technology company that is changing the industry. He leads all strategic business development aspects of the company, providing instrumental direction on current and upcoming payment technologies, leading the growth of enterprise relationships, and managing PayVida’s global go-to-market activities.
Robert Ronning – Highlights Exciting Opportunities for PayVida with Pending App Release: https://finance.yahoo.com/news/robert-ronning-highlights-exciting-opportunities-172700230.html