Many businesses have been dragged kicking and screaming into the digital era, with some reluctant to accept that their future was always bound to be dictated by how they adapted to things like online payment systems. However, there are some sectors, such as online gaming, that have stayed ahead of the curve when it comes to adopting new fintech.

The rise of in-game payments

Online stores and websites offering services have always relied on some form of online payment system, yet only recently have new payment structures begun to be rolled out by savvy games and fintech developers alike.

A prime example of this is the online Battle Royale sensation Fortnite, which, despite being a free-to-play game both on mobile and PC/console, has found a way to integrate in-game purchases, with players spending big bucks on fancy avatars and skins for their weapons. Such purchases are also known as microtransactions.

Alongside this clever microtransactions business model, Epic Games also offers players a VIP pass of sorts, called BattlePass. This is a monthly subscription that keeps the game running at optimal levels for those who purchase it. There is even an in-game currency called V-bucks, batches of which can be bought in bulk, thus giving a discount to players who use them in the game.

Epic has raked in vast profits from these innovative approaches. So much so, in fact, that they are now doing battle with Apple and Google, as the app store giants vie for a bigger piece of the microtransaction pie. They are also looking to take Apple to court over their monopoly of the App Store, a real-life Battle Royale that should prove interesting to watch over the coming months.

Online casinos and Fintech

One online business that has long been well ahead of the curve when it comes to collaborating with Fintech firms is the online casino industry, with the sector’s competitors vying to provide their customers with fast and stress-free payment options which can be made at the drop of a hat. Players want to be able to keep their slot reels spinning or their blackjack hands flopping without having to constantly worry about whether their funds will be available.

This has meant that the top providers of online casino games work with multiple e-wallets and payment providers, ranging from established names such as PayPal, all the way through to new kids on the block such as Neosurf or MuchBetter, which enable players to easily fund their accounts and keep that hot streak going.

Cryptocurrencies: the new Fintech frontier

While regular currencies are traded and manipulated as they have been for many years, and gaming companies even develop their own in-game currencies, there is widespread agreement that crypto is where the future lies.

Cryptocurrencies such as Bitcoin and Ethereum, are decentralized digital currencies that use blockchain technology to essentially try and democratize the world of finance. Although the strength of their security protocols may not always be quite what they claim them to be, more and more people are now trading cryptocurrencies as well as using them to purchase goods and services.

Many gaming platforms and developers are already making contingencies so that they can harness this new type of currency, a move that will no doubt pay dividends down the line.

The post Online Gaming Innovating With Fintech appeared first on Tech Trends.

By Igor Pejic, speaker, banker, and author of Blockchain Babel

The hysteria about cryptocurrencies is ebbing. Their value is down by 85% from its peak and no end of the crypto-winter is in sight. And the public disappointment is rubbing off on the technology powering cryptocurrencies – the blockchain. The trend forecast of Gartner Inc., a steady weather vane in the tech world, is a case in point.

The blockchain has been invented a mere 10 years ago
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In the list of impactful technologies, the blockchain plunged to the bottom last month. Forrester, another research firm, came to a similar conclusion already one year earlier. So did companies implementing it. SWIFT, the network underpinning most of the world’s monetary transactions, said blockchain was not yet ready for mainstream use, despite a successful proof-of-concept test. The reason: operational challenges when scaling.

In Gartner's list of impactful technologies, the blockchain plunged to the bottom last month
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Media and tech vendors alike have fueled a frenzy that gorged on stories of early crypto-millionaires, overblown claims of disruption, and a deep anti-banking sentiment. This mania has been sustained by pernicious myths such as the equalization of cryptocurrencies and blockchain, or the belief the blockchain would rid the world of all institutions of trust. Research and consulting firms kept claiming the technology is closer to its break-out moment every day, while the big bang has stayed away. Is the blockchain just a placebo that made us feel better about the future of finance without actually offering a cure?

SWIFT, the network underpinning most of the world’s monetary transactions, said blockchain was not yet ready for mainstream use
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Innovation patterns, observable from historic example, are the best predictor of a technology’s trajectory. The first lesson is that benefits do not accrue overnight. Only thirty years after the electric motor made its debut in factories did productivity rise. It took a new generation of managers to fully grasp its potential and make not only changes to the machinery, but also to business processes. The blockchain has been invented a mere 10 years ago, as the mechanism enabling bitcoin. Years passed until the technology was isolated from the currency-idea.

Media and tech vendors alike have fueled a frenzy that gorged on stories of early crypto-millionaires
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From there it was long way until the more efficient, centralized models – usually referred to as Distributed Ledger Technology (DLT) – conquered the mainstream. While the public pressure for disruptive results is higher today than in the age of the electric motor, it does not change the fact that each new technology must pass all three stages – fluid, transitional, and specific. An intense phase of search for the right product design is incumbent before embarking on efficiency gains.

Is the blockchain just a placebo that made us feel better about the future of finance without actually offering a cure?
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Yet the introduction of the ATM offers the most striking parallel to blockchain’s path. Technologically, the 1960-ies resembled today’s world. Computers and online were the fuzzy buzz-words rather than blockchain, but the same talk about radical disruption had hijacked public debate, accompanied by the same lack of specificity. Citicorp pioneered the idea that machines for cash withdrawal would change banking.

The introduction of the ATM offers the most striking parallel to blockchain’s path
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The journey to implementation was long and fraught with difficulties. Tech-incumbents refused to cooperate, inertia suffocated in-house initiatives and setting up an independent company flopped. Eventually, Citicorp succeeded only when it partnered with a small IT-firm in Los Angeles. Once the on-line transaction processing network was built, the question was how to give customers access to this new magic machines. When they were eventually installed in the bank’s branches, skepticism did not abate. Managers found ATMs more expensive than human tellers; employees fretted they would be job-killers. Similar arguments echo around the blockchain.

The hysteria about cryptocurrencies is ebbing. Their value is down by 85% from its peak and no end of the crypto-winter is in sight
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It took Citicorp years to develop the first ATM and years to make it more efficient than the legacy system of withdrawing money. Yet, when it unfolded the competition did not draw level with Citicorp until the early 1980-ies. The bank’s market share skyrocketed from 4% to over 13%. In 1988 the customer base had tripled as compared to 1977. And the number of branch employees did not drop. On the contrary: In the 11 years it went from 7.100 to 8.400. Miniscule and repetitive tasks were replaced by customer-facing ones, thus making former tellers happier and more profitable.

Legacy systems might still be more efficient than their blockchain alternatives, but the future is a one-way street
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Blockchain is suffering from public fatigue, but it is already at the stage of working prototypes. The fluid exploration phase is drawing to a close as witnessed by the stark decline in ICOs, the crypto-equivalent of IPOs. The second indication is the avalanche of successful pilots led by incumbents and consortia. From Walmart to Wall Street – an impressive roster of the world’s largest companies have found real-life use cases. Legacy systems might still be more efficient than their blockchain alternatives, but the future is a one-way street. Even SWIFT is opening up again on the blockchain by embracing Corda, a blockchain-protocol preferred by most banks.

Blockchain is suffering from public fatigue, but it is already at the stage of working prototypes
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MIT anticipates that blockchain will become “boring” in 2019. It is a time of reckoning in which the forlorn initiatives die and the right ones are tweaked. Remittances, clearance, settlement – they are all use cases comparable to the cash machines in Citicorp’s branches. It is only a matter of time until they surpass legacy systems’ efficiency.

MIT anticipates that blockchain will become “boring” in 2019
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Blockchain Babel: The Crypto-Craze and the Challenge to Business is available now at £14.99

The post Don’t Quit the Blockchain Just Yet appeared first on Tech Trends.

If you ever wondered how a cryptocurrency wallet worked (it functions more like a key than a wallet) or what “hashing” means (it’s where original information is transformed into a code via mathematical scrambling with one-way cryptography) this book explains all of that, alongside the basic principles and workings of the Blockchain and the cryptos that run off it.

Blockchain is a platform with applications which relies on distributed ledger technology and is based on peer-to-peer technology
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The decisive battles on the Blockchain front will be fought on three main fronts: facilitating transactions, storing value and providing credit
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“Blockchain has the potential to force the finance industry through a change unseen for centuries.” The ability to move money and assets without a central authority is fundamentally disruptive, and the general consensus seems to be that Blockchain technology will change every industry from the ground up.

This is a list cited in the book of the eight major categories of blockchain applications identified so far:

• General applications
• Cryptocurrencies
• Financial transactions
• Public records
• Identification
• Attestation
• Physical asset keys
• Intangible assets

Yet as much as this broad-ranging disruption is acknowledged, Pejic also encourages us to take it all with a healthy pinch of salt.There is a tendency to apply blockchain as a panacea to every industry, and he writes, “Once you have a hammer in your hand, everything suddenly looks like a nail. Technological determinism assumes that one tool will in itself make the world a better place,” he cautions.

Amazon is one of the main contenders for the global payments market
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The fact is that Blockchain – due to issues such as scalability and energy consumption – might itself become obsolete. We have already in fact seen what the evolution from “Blockchain 1.0” to “Blockchain 2.0” might look like, with the deployment of smart contracts. Ethereum, one of the most Blockchains, is an example of a platform that uses these smart contracts.

There are also other issues that need to be addressed in order to make blockchain interfaces more user-friendly

“Could you tell off the cuff whether 0.2267 bitcoins for a bike is a good deal or not?” he asks “Bitcoin is denominated up to eight decimal points, so even the best mathematicians will need a calculator.”

The blockchain will always demand consensus, regardless of whether you limit or open the number of nodes. This is the very nature of a trust machine, it will render networks rigid and hamper the penetration.

The blockchain might just be the technology to unlock the showdown between two groups of goliaths: banks versus data behemoths
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It is not correct to call Blockchain the ‘internet of money’/ the network is open, but nodes can only act collectively. Even worse: they can only act as a whole. Nodes do not have the creative power they have in the internet, but solely the destructive role of denying or granting consensus. So the Blockchain is by design different to the internet. The implications for network designers are simple: make it as efficient as possible, not as open as possible. Only once companies grasp this, can they unlock Blockchain’s true potential.

With super-computers at hand, minting new bitcoins will be so easy that the entire system might collapse
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In 2014 European banks alone spent £40 billion on IT; a mere £7 billion (17.5 per cent) went into innovation. Fintechs are the ones driving product innovation and this embryonic stage of Blockchain. However, banks could still leverage the trust component of the blockchain to enter the authentication business

The technology will change every industry from the ground up
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At the end of the day, the book reminds us that money and credit are essentially material manifestations of trust – they are the belief that your virtual possessions will correspond to real ones. So the question really becomes whether we are ready to really trust tech as much as we trust traditional financial institutions. The answer so far has been “not quite.”

The hunt for the killer Blockchain application is in full swing
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Overall, however, Pejic strikes a surprisingly optimistic note for the future, saying that competition is always positive for customer service, driving up innovation and driving down prices. Ultimately, banks will have to learn to revolve around their customers rather than regulators and compliance officer. They will have to adapt all their processes – front-and-back-end – to fit their customers’ needs.

“One thing is for sure,” he concludes “you will be on the winning side as the competitive forces of the free market push down the cost of banking services. The more intense the battle gets, the more you will enjoy it.”

Quantum computing could easily break crypto-codes
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Alice Bonasio is a VR and Digital Transformation Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. You can follow @alicebonasio on Twitter, connect with her on LinkedIn or subscribe to her Inside VR/AR Newletter for all the latest curated immersive news.

The post Review: Blockchain Babel appeared first on Tech Trends.

By now, you have probably heard about Bitcoin or blockchain. At least I hope so!

The media attention these two receive has only increased over the years, and the trend shows no sign of stopping. Thus, the chances are that an article or video about them has found its way to your screen by now. But how much do you actually know about Bitcoin or blockchain?

The aforementioned articles or videos, useful though they may be, do tend to be a little too much to take in for someone not in the loop about Bitcoin or blockchain technology. To be sure, one may learn a thing or two, but, nine times out of ten, an uninitiated individual will not really benefit from them.

Where should a Bitcoin and blockchain novice go to find the information she requires? Well, all you need can be found in the following infographic
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This leaves those wishing to learn about Bitcoin or blockchain in a bit of a spot since the information they need can be difficult to glean from all the various sources and navigating through the complicated jargon that goes on unexplained. What, for example, do abbreviations like ICO and DAO stand for? This happens because content creators sometimes assume that the audience is already familiar with the terminology at hand.

So where should a Bitcoin and blockchain novice go to start building a foundation of basic knowledge about these key technologies? This infographic by Bitcoinfy attempts to do just that.

This infographic, brought to you by Bitcoinfy, holds all the foundational knowledge you can hope to get
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If you’re still worried about how hard it will be for you to understand all of this, have no fear. The way this Bitcoin and blockchain guide is designed makes it easy to absorb all the important facts quickly. So give this infographic a good look. It has everything you need, whether you simply want to be lightly informed about this topic, or you wish to take first steps on the path to Bitcoin and blockchain expertise.

What, for example, do abbreviations like ICO and DAO stand for?
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Tom Atkinson is a Digital Producer & Photographer at R3Digital and Reviews & Dep. Editor at Tech Trends. Connect on LinkedIn and follow him on Twitter @R3Digital

The post Infographic: Everything You Need To Know About Bitcoin appeared first on Tech Trends.

Technology gives everyone the opportunity to trade cryptocurrency online.

When it comes to technology, it can often feel that by the time we hear about something, it’s already too late to get ourselves involved. Indeed, sometimes this can be true. Those who invested early in Bitcoin are now seeing huge payouts, sometimes 1000x what they invested. Whereas to get involved now wouldn’t be nearly as lucrative. But there are some trends in tech that are open at any time for anyone to get involved with. One of these is trading online. While the currencies you may trade and the companies’ stocks may have been around forever, each day is a new day in trading and could be the day that you make a name for yourself as a trader. But how can you be a good trader online at this stage?

Those who invested early in Bitcoin are now seeing huge payouts, sometimes 1000x what they invested. Whereas to get involved now wouldn’t be nearly as lucrative
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Do Your Research

Due diligence is the key to being a good trader. Spending hours poring over trading forecasts and past trading information could help you see patterns and anticipate what comes next. Even when the market throws you a curveball, it’s still better to be prepared to deal with it than to trade blindly. Researching the current climate of economics is also important. You don’t need to know the intricacies of every country’s currency, but you do need to be able to back up decisions you make in your trades. There is no such thing as having too much information when it comes to making trades or investments in general.

When the market throws you a curveball, it's better to be prepared to deal with it than to trade blindly
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Find a Platform

There are plenty of websites for those who are less familiar with trading and want to be guided more at the start. These kinds of platforms allow you to buy stocks and to view trading information, which is critical for embarking on any trade. While the future may be uncertain, we can definitely learn from the past, especially when it comes to seasonal trends in forex and stocks. Using a platform isn’t just for those who are beginning their trading journey as the services they offer are also suitable for more seasoned traders.

While the future may be uncertain, we can definitely learn from the past, especially when it comes to seasonal trends in forex and stocks
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Take a Chance

One of the best lessons you can learn when you begin trading is that sometimes you just have to take a chance. While research is good, focusing too much on what it tells you could lead to paralysis by analysis. The act of trading sometimes comes down to taking risks and hoping they pay off. While it’s important to have a plan in place to see how expensive your risks can be, most great traders will tell you that you can often learn better from mistakes or failures than through success. Indeed, trading is all about making decisions on information, but in the microsecond that the trade is made, the information could be out of date or incorrect. Sometimes just taking the risk and hoping it pays off is the best strategy.

While research is good, focusing too much on what it tells you could lead to paralysis by analysis
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It’s definitely not too late to get into the trend of trading and by doing your research, using the right platform, and being able to take risks, you’ll soon know whether you are cut out for the lifestyle that comes with being a trader.

Tom Atkinson is a Digital Producer & Photographer at R3Digital and Reviews & Dept. Editor at Tech Trends. Connect on LinkedIn and follow him on Twitter @R3Digital

The post Is It Too Late to Get Into Trading? appeared first on Tech Trends.

It has been a hectic year on the emerging crypto markets! This infographic looks back on the roller coaster ride

With any tech, any industry, and any product – there are fluctuations. Whether they’re positive or negative, every market has them. And of course, this can be said for the world of crypto in 2018. It’s been an eventful year in the crypto space. From dramatic price changes, forks and shifting market trends. In 2018, cryptocurrency markets continued to show growth in regions across the globe, showcasing the world’s desire to exercise more control over their finances.

With any tech, any industry, and any product - there are fluctuations. Whether they’re positive or negative, every market has them. And of course, this can be said for the world of crypto in 2018
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Since before the boom of December 2017, the crypto industry broke into the watchful, and sometimes cynical eye of the public. There’s been speculation, regulation changes, social media monitoring, and more in 2018. Here is a summary of some of the biggest crypto landmarks of the past 12 months by Magdalena Gołębiewska, Country Manager at Luno

There’s been Cryptocurrency speculation, regulation changes, social media monitoring, and more in 2018
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The first three months of 2018 are summarized below followed by the infographic for the whole year.

January 2018

The bull market of the holiday season came screaming to a halt as we entered 2018 Bitcoin lost 40% of its value over January.
This decline was due in part to new regulations in South Korea, as well as Facebook announcing they were starting to ban the advertising of cryptocurrencies and crypto exchanges.

February 2018

By February, nearly half of 2017’s ICOs failed to attract funding. Fortune reported that 142 ICOs failed before reaching their target, while another 276 failed after their fundraising ended. While some of these were actual token sales to raise money for would-be start-ups, a good number of these ICOs turned out to be scams, with the founders disappearing with the money raised. It’s always important to make sure you thoroughly research a company, its employees, and founders before deciding to buy their tokens.

March 2018

March brought with it better news for the cryptosphere. The G20’s Financial Stability Board comprising of 68 institutions such as banks and ministries of finance, who then prepare suggestions for global financial systems, stated they don’t believe crypto-assets pose a threat to global markets. The FSB Chairman, Mark Carney, wrote a letter to the G20 Finance Ministers and Central Bank Governors, in which he expresses his concerns about the possible issues that will arise for consumers and investor protection. He noted, however, that the underlying cryptographic and blockchain technology has the potential to improve the inclusiveness of the financial system and the economy. The board delivered varying results for the world of crypto, but overall the sentiment was positive.

Tom Atkinson is a Digital Producer & Photographer at R3Digital and Reviews & Dept. Editor at Tech Trends. Connect on LinkedIn and follow him on Twitter @R3Digital

The post The 2018 Crypto Rollercoaster appeared first on Tech Trends.

The e-learning industry is booming and set to grow to $244.1 billion by 2022. With all this innovation in the market, the way students interact and control their own learning path is evolving, fast.

Spitball 2.0 has launched a new blockchain-based, tokenized student economy aiming to transform the global education market by merging e-learning with crypto, offering students a trading ecosystem which digitizes many aspects of student life. With Spitball 2.0, students can earn token incentives for completing tasks such as answering questions, sharing study notes and selling items. It gives students a simple and straightforward way to monetize their academic output and enter the crypto space without making an initial cash investment, as the typical mechanics of investing in crypto (setting up a wallet etc.) are managed behind the scenes. The platform also allows students to find and pay for tutors, locate study partners, houses & job listings plus local food and drink deals.

It gives students a simple and straightforward way to monetize their academic output and enter the crypto space
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Empowering the Global Student Body

Currently, students receive only a small percentage of the revenues earned from their content that online resource platforms monetize. Spitball 2.0 uses the blockchain to connect students directly, lowering costs while giving student content creators fair reward. This creates a winning economy that delivers more value for students. By leveraging the existing Spitball platform, plus over 25 partnerships with leading education providers, such as CourseHero and Chegg, Spitball 2.0 will become a game changer for the edtech industry, unlocking new opportunities for students and investors looking for opportunities in the edtech sector.

Spitball 2.0 will become a game changer for the edtech industry, unlocking new opportunities for students and investors looking for opportunities in the edtech sector
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Being built on the blockchain and using its own tokens means Spitball 2.0 can deliver a range of compelling benefits for students. Not only protecting the ownership of content creation but maintaining strict privacy and lower costs while increasing earnings for students. By facilitating micro-payments, Spitball 2.0 is a genuine economy where students can seamlessly and simply be rewarded for sharing content, performing tasks or even selling goods.

“Tomorrow’s world depends on today’s students. Despite excellent education on offer and an array of online platforms to support them, students are effectively treated like cash cows. Spitball 2.0 aims to change that and fairly reward them for taking part in student life – learning together, teaching each other and sharing data.” Eidan Apelbaum, Founder and CEO of Spitball, commented

This innovative new platform also provides proof of ownership, securing the intellectual property of every one of its users, thus protecting all of the students who create content. Spitball 2.0’s gamified Student Economy will give students the ability to profit from contributed content, collect rewards based on useful platform actions and invest in other students’ goods and services on a one-stop platform designed to meet the needs of the global student community. This increased activity will create a new depth in the student market, attracting more investment as it sees a significant boost in liquidity.

This innovative new platform also provides proof of ownership, securing the intellectual property of every one of its users, thus protecting all of the students who create content
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A crypto gateway for a new generation

Spitball 2.0 will also be the gateway into crypto for an entire generation, establishing it as an integral part of their financial future. The SBL token that the platform operates on will be integrated seamlessly into the payments system. Students will not need to create their own wallets manually or convert flat currency to cryptocurrency – the front-end system of the platform will manage the integration, whilst also moving legacy users to the new platform without significant change. Tokens also eliminate the international currency conversion fees that banks charge allowing Spitball 2.0 to be rolled out globally whilst keeping costs to a minimum.

“We believe that cryptocurrencies have a significant place in our future world and Spitball 2.0 will allow students to enter this world easily, setting them up to take advantage of a lifelong capability within this rapidly expanding industry. The tokenized environment is vital as it puts money in the pockets of students, whilst allowing them to build trust amongst their peers.” added Eidan Apelbaum

Students take the reins

Currently, e-learning platforms and other intermediaries take the largest share of the profits either from large transaction fees or costly subscriptions. By Spitball 2.0 lowering the cost of learning services via the blockchain, students can use them more regularly. Instead of using a student resource platform for one-off help with an assignment or paying for an expensive catch up with last week’s lecture notes, the platform can be used as part of a student’s day-to-day life.

Instead of using a student resource platform for one-off help with an assignment or paying for an expensive catch up with last week’s lecture notes, the platform can be used as part of a student’s day-to-day life
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Through using Spitball 2.0, students around the world will change the way they learn, share information and interact with their peers. It will be cheaper and faster than ever before for them to build a study ecosystem around them, whilst simultaneously benefiting from their own contributions. With the power firmly in their hands, education will flourish to the benefit of those who need it most.

Tom Atkinson is a Digital Producer & Photographer at R3Digital and Reviews & Dept. Editor at Tech Trends. Connect on LinkedIn and follow him on Twitter @R3Digital

The post Spitball – Launching a New Academic Economy appeared first on Tech Trends.

The next frontier for disruption? Public services powered by AI and Blockchain technology.

This week Europe’s first GovTech Pioneers event was hosted in Vienna at the Palais Wertheim. Ahead of the conference which begins today. Bringing together leading politicians, startups, corporations, VCs and Public CIOs, the event aimed to introduce start-up driven innovation in the public sector.

GovTech Pioneers brought together leading politicians, startups, corporations, VCs and Public CIOs to introduce start-up driven innovation in the public sector
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Attendees had the chance to meet the innovators behind a $400bn market and learn more about the latest trends in Citizen Collaboration, Blockchain and Security. Speakers included IDEO Portfolio Director Peter Jackson, whose talk covered how design can push governments forward, and Stonly Baptiste of Urban-X, who joined a discussion about accelerating GovTech startups.

If there is a service out there that is better, people will go for it. And if your government isn’t willing to change, then for you winter is coming
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With data and privacy a hot topic, it isn’t surprising to see that the winner emerging from the event’s start-up competition was Fleksy – which offers a secure keyboard that it licences to governments to protect their internal mobile communications. The Barcelona-based company ultimately saw off competition from over 350 startups, hailing from 65 countries and four continents, which applied for GovTech.Pioneers. Of the 100 selected to attend, who travelled to Vienna from four different continents, 24 were selected to pitch in four different tracks. These were Citizen Collaboration, Blockchain, Public Safety & Security, and an Overall Govtech Solutions track.

Attendees had the chance to meet the innovators behind a $400bn market and learn more about the latest trends in Citizen Collaboration
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There will be a terrestrial part of government and a virtual part. A country like Estonia has recognized there is this part that does not need to be tied to a land mass
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The audience also heard from some individuals charged with leading the digital revolution into action at both national and European level. Among them were Margarete Schramböck, the Austrian Federal Minister for Digital & Economic Affairs, and Peteris Zilgalvis, Head of Unit, Startups & Innovation, Digital Single Market, DG CONNECT at the European Commission.

Former Estonian Government CIO Taavi Kotka explained how his nation empowered individuals to take control over their data while also linking disparate systems which were previously in silos.

“There will be a terrestrial part of government and a virtual part. A country like Estonia has recognized there is this part that does not need to be tied to a land mass – and other countries are starting to recognize that. Governments are realizing that they are going to start to compete with each other like businesses.”

Sharing your data does not mean giving up your privacy. It actually gives you more control if done right. @taavikotka talks about the Estonian case study at #GovTechPioneers pic.twitter.com/FefzVIvOxl

— Alice Bonasio (@alicebonasio) May 23, 2018

“Government services should be seamless,” he said, using the example of child support payments being made to a mother automatically as soon as a child is born. “We have all the facts; we just need to connect them,” Kotka added.

Another speaker providing an interesting perspective was Carrie Bishop, who oversees the digital strategy for the City of San Francisco and contrasted the different approaches between the US and UK in designing governmental structures.

“All over the UK we’ve seen a 30% cut in funding for public services, and you only deal with that by automating,” she said, revealing that at least some parts of Europe are well ahead of the USA when it comes to government technology. “Such economic pressures don’t yet exist in San Francisco, so we’ve only just begun our journey there.”

We have all the facts; we just need to connect them. Government services should be seamless
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One of the most t thought-provoking and popular sessions of the event was delivered by Tim Draper who was an early investor in companies such as Skype, Baidu, Twitter and Tesla. Wearing an eye-catching Bitcoin tie, the legendary tech VC explained how blockchain disruption extends well beyond cryptocurrencies.

Decentralized systems could take over government functions such as currency regulation systems and healthcare
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In future, according to his vision, decentralized systems will take over government functions such as currency regulation systems and healthcare. That could be a good thing too, allowing our elected representatives and civil servants to focus on other aspects of government such as providing infrastructure, security, or waste management.

“By combining Bitcoin, Blockchain with Smart Contracts and Artificial Intelligence, we could create the perfect bureaucracy,” he said. Things like insurance, health care, and the real estate industry all offer a terribly poor service at a high cost, he explained during his keynote. But in a world where technology is breaking down geographical barriers, those governments will be forced to compete for citizens by providing better-value services. Which is why Draper himself has chosen to become a virtual citizen of Estonia.

Kotka echoed Draper’s sentiment that the arrival of virtual services means governments are now entering a competitive era.

“If there is a service out there that is better, people will go for it. And if your government isn’t willing to change, then for you winter is coming. And for a country like Estonia, that will be a perfect storm.”

“As a venture Capitalist I’m always looking for places where they’re providing the worst service at the highest cost” those are the sectors ripe for technological disruption #GovTechPioneers pic.twitter.com/ztfIOqsdLb

— Alice Bonasio (@alicebonasio) May 23, 2018

For companies looking to get into Immersive technologies such as VR/AR/MR/XR our Virtual Reality Consultancy services offer guidance and support on how best to incorporate these into your brand strategy.

Alice Bonasio is a VR Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post The Future of Government is Virtual appeared first on Tech Trends.