The Internet of Things (IoT) and blockchain-based advancements in the payments industry were among the many themes explored at TRANSACT, a tech-centric, payments industry conference held on May 10–12 in Las Vegas.
A panel discussion entitled “How IoT is Revolutionizing Payments” included a brief discussion regarding the emerging intersection between the Internet of Things and blockchain technology in this industry.
On a similar trajectory as the blockchain, much attention has been given to the future of IoT, defined as an ecosystem of physical devices — from mobile phones to wearable tracking sensors — that gather and share electronic information with one another.
Research firm IHS Markit estimates that 30.7 billion IoT devices will be communicating with one another by 2021. This complements a global blockchain technology market that’s expected to grow from $210.2 million in 2016 to $2.3 billion by 2021 according to Market Reports Hub.
The collision between the IoT and blockchain worlds portends some important payments industry developments around the efficient tracking of device payment history, all supported by a ledger of secure data exchanges among devices, web systems and users. Further, this technological convergence also shows promise in terms of the use of smart devices that are programmed to conduct a variety of transactions such as the automatic issuance of invoices and payments.
Dan Loomis, vice president and director of mobile product management at the business and financial software firm Intuit, is firmly entrenched in this evolving IoT/blockchain conversation through his work in creating payment experiences for businesses that operate on a global scale, and brought this expertise to the TRANSACT panel discussion.
In an exclusive interview with Bitcoin Magazine, Loomis remarked that for the small, emerging business clients he works with, cash is king. “For our team at Intuit, it all comes down to how we can help these businesses create…