PayPal’s Blockchain Chief on the Future of Crypto in Payments

The remarkable increase in adoption of cryptocurrencies over the last two years has laid the foundation for one of crypto’s loftiest promises.

The possibility of modernizing our existing payment system, upgrading traditional rails toward faster speed, lower cost, heightened security and reliability, and increased access for everyone. We are just now approaching the combination of a technology reaching its potential, a user base on the cusp of mainstream adoption and encouraging steps toward clearer regulation.

For this adoption to happen, it is necessary to acknowledge that a payment is more than just a transaction. It involves more than the streamlined transfer of value from one wallet to another. It includes processes sometimes taken for granted, like managing transaction disputes and reconciliations, detecting fraud, preventing illegal activity, processing chargebacks and bank reversals, integrating with accounting systems and handling taxes and financial reporting.