• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft
Bitcoin Debit Card

Shift4 Discusses EMV and Blockchain Cooperation in Payment Processing

Ryan Strauss by Ryan Strauss
7 years ago
in Bitcoin, Bitcoin Businesses, Start-Ups
0

On Tuessday afternoon at the Money 20/20 conference in Las Vegas, Daniel Montellano, director of strategic business development at Shift4 Corporation spoke to the benefits of using the EMV standard (also known as “chip”) technology, as well as how blockchain technology will affect payment processors.

Also read: HYPR Announces $3M Funding Round for Biometric Security Products

shift4Shift4, a leading pioneer in initially implementing tokenization technologies into the payments world, serving over 33,000 merchants, provides industry-level secure transaction environments.

EMV technology has arisen partially in response to the fact that businesses are continuing to take damage from chargebacks, thereby hurting consumers as a result. EMV has hit a point where retailers are forming together to get alter their credit card acceptance hardware and processes, in turn leaving behind industry players who ignore this crucial imperative as a result.

In 2006, Payment Card Industry (PCI) standards were created to help create a security blueprint for accepting credit card transactions. While data breaches remained in a relatively infancy stage, PCI implicated the storage, processing, and transmission of data due to increased malware risk.

Tokenization practices, which leverage point-to-point encryption within the EMV process, however, preserve underlying data. Therefore, when a data breach occurs on a tokenization-based network such as Shift4, tokens are breached, but not the underlying data itself. Additionally, tokenization security is not necessarily limited to credit cards alone, as gift cards or personally identifiable information (PII) can be subject to tokenization measures.

Corresponding services, in turn, need to purchase the proper hardware infrastructure to support the desired scalability and security of their services. As friendly fraud has increased three-fold since October 1st, chargebacks are becoming an increasingly relevant problem for credit card companies.

Shift4, however, claims to have robust EMV solutions that strengthen security on centralized credit card networks and record a unique token for each payment that can be reactively traced back to individuals as needed.

Shift4 Says That Blockchain Tech Can Work With Existing Systems

When discussing how the ongoing trends in payment processors can influence the blockchain community, Montellano referenced how blockchain tech is different than the role played by payment processors, as tokenization coins that secure data need to be re-used in the 1-to-1 blockchain identity model. Coupling existing solutions, however, can potentially enable the juxtaposing financial technologies of EMV and blockchain to compliment one another.

“Until we have common place what a blockchain actually is, it won’t disrupt tokenization,” Montellano remarked.

“If you look at what’s on top of people’s minds, you look at EMV and some of these emerging technologies there (such as blockchain), you have to ask where the focus is,” he continued.

While banks may be focusing on blockchain development, payment processors face a unique set of challenges that necessitate compliance around regulatory best-practices within their sector. Montellano said: “Understanding, awareness, and education around blockchain will need to increase first. . .at least in our world (payment processors), it’s not necessarily a common conversation.”

The quick adoption with EMV in the United States, however, demonstrates the potential for technology to be quickly disruptive once it reaches a proficient level of security and performance. A very similar pattern of implementation and growth likely exists for blockchain technology in the payments processing space.

What do you think of Shift4’s position on EMV and blockchains? Share your thoughts in the comments below!


Images courtesy of Groupon, Shift4.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Ryan Strauss

Ryan Strauss

Ryan Strauss is an avid writer and Bitcoin fanatic who has been involved with the cryptocurrency space since 2012. A 'crypto-industrialist', Ryan is also the author of #100DaysOfBlogging. Follow on Medium.com/@ryanstr.

Related Posts

Bitcoin price

Bitcoin Price Set To ‘Sprint’ Toward $40,000, This Prominent Trader Claims

12 hours ago
Bitcoin

Bitcoin Takes Center Stage As A Hedge Tool, Backed By Robert Kiyosaki

2 days ago
Bitcoin

Bitcoin Investors Get Robust Returns In May – How Will Binance Lawsuit Affect Their Gains?

4 days ago
Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

4 days ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

2 weeks ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    1 week ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    1 week ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    1 week ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Best Altcoins To Buy Today June 10th

    2 hours ago
  • Open AI’s CEO Raises 100M for its Crypto Project...

    4 hours ago
  • Dogecoin (DOGE) Price Prediction: Cardano (ADA) Trying To...

    9 hours ago
  • What Does Recent Coinbase Lawsuit Mean For Ethereum and...

    9 hours ago
  • As PEPE Continues to Fall, Smart Investors Are Putting...

    10 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.