{"id":4502,"date":"2023-11-10T06:10:39","date_gmt":"2023-11-10T06:10:39","guid":{"rendered":"https:\/\/nftmetta.com\/?p=4502"},"modified":"2023-11-10T06:10:49","modified_gmt":"2023-11-10T06:10:49","slug":"the-public-benefit-of-improved-payments-via-crypto-technology","status":"publish","type":"post","link":"https:\/\/nftmetta.com\/the-public-benefit-of-improved-payments-via-crypto-technology\/","title":{"rendered":"The Public Benefit of Improved Payments via Crypto Technology"},"content":{"rendered":"\n
November 10, 2023<\/p>\n\n\n\n
By Anjali Kochhar<\/p>\n\n\n\n
Many consumers of cryptocurrency assets have found them to be more of a letdown than a revolution, and international organizations like the Financial Stability Board and the IMF are calling for stricter regulation.<\/p>\n\n\n\n
But some of the quickly developing crypto technology might end up being more promising. Financial services are continually being innovated and customized by the private sector.<\/p>\n\n\n\n
However, as this pointed out in a recent working paper, the public sector should also use technology to modernize its payment infrastructure and guarantee interoperability, security, and effectiveness in digital finance: An Exchange and Contracting Platform for Multiple Currencies. Similar opinions are also being advanced by others.<\/p>\n\n\n\n
Technology has advanced rapidly<\/strong><\/p>\n\n\n\n Three new payment technologies are programmability, encryption, and tokenization:<\/p>\n\n\n\n 1.Tokenization is the process of putting ownership rights to a resource, like money, on an electronic ledger, which is a database that is owned by all market players and is designed to be widely available, synchronized, quickly updated, and impenetrable. Token balance and transaction anonymity is not necessary\u2014in fact, it compromises financial integrity.<\/p>\n\n\n\n 2. For sensitive information to be accessed by authorized parties only, encryption helps to separate transactions from compliance checks.In the process, trust is fostered and transparency occurs.<\/p>\n\n\n\n 3. Financial contracts can be written more quickly and automatically due to programmability, such as “smart contracts,” which eliminate the need for a reliable third party.<\/p>\n\n\n\n