Implications of Internet of Payments Q&A

Internet of Payments (IoP) enables payment processing over many kinds of IoT devices and has also led to the emergence of the micro-transaction. It’s an area of rapid growth.

Recently, the SNIA Cloud Storage Technologies Initiative (CSTI) hosted a live webcast Technology Implications of Internet of Payments. The talk was hosted by me, with Glyn Bowden from HPE and Richard George from HLPS providing expert insight.

In the course of the conversation, several comments and questions arose, and they are summarized here. Feel free to view the entire discussion and provide us with feedback on the talk. We are also always interested on topics you’d like to see us cover in the future. 

Q. When considering digitization of assets, currency is not locked to a solid standard. That is, they are not based on specific physical assets. Many new digital currencies are therefore unstable. But the proposition here is that they would be more secure because they’re locked to real physical value. Is that correct?

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Internet of Payments

The Impact and Implications of Internet of Payments

Electronic payments, once the purview of a few companies, have expanded to include a variety of financial and technology companies. Internet of Payment (IoP) enables payment processing over many kinds of IoT devices and has also led to the emergence of the micro-transaction. The growth of independent payment services offering e-commerce solutions, such as Square, and the entry of new ways to pay, such as Apple Pay, mean that a variety of devices and technologies also have come into wide use. This is the topic that the SNIA Cloud Storage Technologies Initiative is going to examine at our live webcast on October 14, 2020 “Technology Implications of Internet of Payments.”

Along with the rise and dispersal of the payment eco-system, more of our assets that we exchange for payment are becoming digitized as well. When digital ownership is equivalent to physical ownership, security and scrutiny of those digital platforms and methods takes a leap forward in significance.

Assets and funds are now widely distributed across multiple organizations. Physical asset ownership is even being shared between many stakeholders resulting in more ownership opportunities for less investment but in a distributed way.

In this webcast we will look at the impact of all of these new principles across multiple use cases and how it impacts not only on the consumers driving this behavior but on the underlying infrastructure that supports and enables it. We’ll examine:

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