How Millennials and the ‘Bitcoin Mindset’ Will Change the Industry

Whether financial services executives love or hate Bitcoin, experts say the digital currency’s underlying technology will inevitably affect their businesses. And the next generation of consumers are driving this change.
For decades, cryptographers have tried to disrupt the payments industry with new digital cash systems, but their efforts faded into obscurity, Rafael Pass, an associate professor of computer science at Cornell University told me during the Jacobs Technion-Cornell Institute’s Future of Money conference last week. But the spread of Bitcoin as a decentralized, distributed, peer-to-peer electronic cash system has thrust cryptography into the mainstream over the past couple years.
“Now cryptography is cool,” Pass said.
The conference, which was organized by renowed cryptographer, Ari Juels, revolved around how cryptography is shaping the evolution of money and payments.

This post was published at Payments Source on NOV 19, 2014.