Skip to main content

Blog Talents

07 April 2016

Blockchain technology revolutionizes the payments sector

The finalists of BBVA Open Talent 2015 talk about the impact of the technology behind phenomena such as Bitcoin, and its potential for transforming the banking sector.

Blockchain technology is not only what makes Bitcoin and Ripple possible, it's also an essential part of many of the projects in the latest edition of BBVA Open Talent.

Some of the finalists explain what you can achieve with this new technology which first came to public notice through cryptocurrencies.

Menny Shalom from Wayerz explains how cross-border payment channels have functioned traditionally. For his part Steve Kirsch from Token describes how his company has set out to reformulate this model.

SMEs have a fairly limited number of options when making these payments, and they represent an extra burden in terms of time and work. Michael Dunworth explains the advantages of Snapcard over Western Union when making payments from the US, and Darren Camas from Bitnexo –winner of the regional final in Latin America– reveals the particular aspects that led his startup to improve on the existing solution.

To conclude, Leanne Kemp, one of the winners of the European regional final, describes in this video how Everledger uses blockchain technology to register and combat fraud in the diamond and luxury goods trade.