Tag Archives: Electronic Payments

Authenticating Purchases with Facial Recognition

Facial recognition technology has rapidly advanced in sophistication and accuracy over the years. Early use of the technology was focused on facial detection in security systems. Since 2014, the federal government has introduced facial recognition technology, along with collecting travelers’ fingerprints, in its U.S. Global Entry system in an effort to strengthen border security in major airports across the U.S. And perhaps the most widely known use of facial recognition technology today is the function of “tagging” in online social networks which allows users to identify friends in photos. Recently, businesses have begun exploring facial recognition’s potential benefits for increasing …

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Bitcoin and the Changing Legal Landscape

If your business is contemplating doing something with digital currencies (meaning virtual currencies, like Bitcoin, Ripple, Ethereum, etc.), you need a plan. First, consider how and where your business will use digital currencies. Second, know what laws and regulations apply. Third, implement a compliance plan to ensure your business doesn’t run afoul of the law. Fourth, stick to your plan. This fourth step can be difficult to follow, particularly if your business is a startup trying to quickly establish itself and gain a foothold in the fast-paced, evolving online marketplace. You may think implementing a compliance plan will cost you …

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What We Know About BitCoin, and What Is Still Unknown (Part II)

In Part I, we gave an overview of Bitcoin and how it’s different from the digital “real currency” that is in widespread use today.  In Part II, we’ll ask and answer the question – Is Bitcoin just a fad?  Is it novel in concept, but not particularly advantageous for the average person, or does it have staying power? Regardless of what you might think about Bitcoin today, its strongest proponents and harshest critics agree on one thing – Bitcoin and its underlying blockchain technology cannot be ignored.  Major players in the financial industry and tech industry are pouring significant money …

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What We Know About BitCoin, and What Is Still Unknown (Part I)

It’s no surprise that, as the way we exchange information continues to evolve at an ever-increasing pace, the way we exchange value is rapidly evolving too.  This two-part series explores the Bitcoin evolution occurring in the world of electronic payments. In today’s business environment, we already mostly exchange value digitally—with payment cards or mobile apps linked to our bank accounts.  Most of the world’s wealth is accounted for by 1s and 0s in computer files, not coins and bills.  As the Internet and mobile converge, paying with physical currency and checks with perforated edges is less and less common. Many …

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