Developments

PayPal planning to try Blockchain technology

The Blockchain era to bring new systems in the works

New reports show Paypal is planning to try blockchain technology. Being one of the biggest players in the payment industry, Pay pal has joined a growing list of mainstream entities who are delving into the blockchain technology.

The news came from a press release on the 1st of April that indicated that PayPal will be joining the Cambridge Blockchain Series A funding round. According to a statement from the PR;

“With this investment, the two companies will explore potential collaborations to leverage blockchain technology.”

The Cambridge Blockchain project is working in the digital identity space with the primary aim of giving people authority over their own information. The company website states it will be delivering the benefits of trusted, distributed identity to consumers and organisations.

With the rise in stories about the breaching and leaking of personal information, many companies are currently looking to the blockchain technology as a method of securing personal data.

The CEO of Cambridge Blockchain, Matthew Common is exploring this area of Blockchain applications as he explained in a press release stating that their service will help streamline digital identity compliance while giving customers control over their own identity data.

Self-Sovereign identity using blockchain technology

PayPal is taking a big leap into technology as it invests in the Cambridge Blockchain project. Paypal applying blockchain to digital identity could benefit financial services and other companies including Pay Pal.

This will also be the first time Pay Pal will be investing in the blockchain technology and companies.

Self-sovereignty and identity on the blockchain has been an area of much focus in recent years. As the blockchain technology is disrupting governments by introducing a superior model of governance “Decentralised governance” also known as Blockchain 3.0.

The technology behind bitcoin holds the keys to revolutionising people’s data, security and information verification.

This ability to validate information without actually disclosing it will provide a groundbreaking convenience and security model. Other crypto companies working on blockchain identification in the space include; SelfKey and Civic.

What are your opinions of these developments happening in the Blockchain space? Feel free to leave a comment down below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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