Snippings

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I was sitting a webinar the other day, having a cup of tea and listening to a discussion about the future of retail banking. That’s about as exciting as it get for me. But then someone on the panel said “data is the new oil” and sat back as if they had delivered a revelation. That was great, because it gave me the opportunity to say something at the last. That’s because only is not a revelation (since management consultants say it all the time), but it’s not true.

From Data Is Not The New Oil – by David G.W. Birch.

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Jack Dorsey’s tbDEX is now turning this into a reality. The tbDEX protocol will manage trust by charging transaction fees based on the anonymity maintained by the transactors. The transaction costs are governed by the magnitude of risk involved. If users demand maximum anonymity, transaction fees are also much higher and vice versa.

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But she had willingly handed over her seed phrase, and there was little anyone could do to actually get her art back.

From Crypto’s Town Square Has Become “a Scammer’s Paradise.” Why Isn’t Discord Doing More to Clean It Up? — The Information.

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You see the same problem with authorised push payment (APP) fraud here in the UK.

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Read this 1970 Wharton paper excerpt below. Can banks retain a role? Not in the DeFi, or Web 3.0 world.

“Financial institutions exist to improve the efficiency of the financial markets. If savers and investors, buyers and sellers, could locate each other efficiently, purchase any and all assets costlessly, and make their decisions with freely available perfect information, then financial institutions would have little scope for replacing or mediating direct transactions. However, this is not the real world. In actual economies, market participants seek the services of financial institutions because of the latter’s ability to provide market knowledge, transaction efficiency, and contract enforcement.?
While there is no near term threat, the nature of banking competition is changing from economies of scale (asset intensity) to information intensity (see blog) and value orchestration.

From Evolution of V/MA – Moving Beyond Card – Noyes Payments Blog.

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But oftentimes, the use of AI is a prospective tool that processes data in near or real-time. A recent paper in Science examines the value of new data analysis of past publications as a key tool in extracting added value from these scientific papers.

This suggests that latent knowledge regarding future discoveries is to a large extent embedded in past publications. Our findings highlight the possibility of extracting knowledge and relationships from the massive body of scientific literature in a collective manner, and point towards a generalized approach to the mining of scientific literature.

The last sentence is most interesting–mining of scientific literature! Using this methodology, the authors were able to predict the development of a key thermodynamic material from papers published years before the actual discovery.

From Is Data the New Resource That Must Be Recycled? | Psychology Today.

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Recycling is the responsible thing to do. It can make functional, economic, and environmental sense. It seems that discarding data may be a similar situation.

From Is Data the New Resource That Must Be Recycled? | Psychology Today.

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As Alastair Johnson wrote here in Forbes a couple of year ago,  merging payments and ID gives the industry a means to solve a number of significant problems in the payments sector as well as opening up the doors to a major new wave of innovation.

From 5 Reasons Why Payments And ID Need To Merge.

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Apple Pay, the mobile wallet launched by Apple in 2014, has quickly become the universal mobile wallet of choice for smartphone users in the United States. As of 2022, it far outpaces the market share and user base of competitors like Google Pay and Samsung Pay.

From Apple Pay: Which Retailers Accept it in 2022?   – PaymentsJournal.

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Apple Pay is the top mobile payment player in the United States, with 43.9 million users in 2021. In comparison, Google Pay and Samsung Pay had 25 million and 16.3 million users, respectively.

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Investors and techies who made early bets on crypto are now hailed as revolutionary financial prophets and gilded with the allure of sudden wealth — often flaunted through a conspicuous-consumption culture of “Lambos,” yacht parties, aggressive boostering, million-dollar profile pictures, and crypto-branded everything.

In the process, some have become prime targets for opportunistic criminals.

From Crypto and NFT Owners Targeted in Kidnappings, Home Invasions, Robberies.

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Apple’s vice president of Apple Pay and Apple Wallet Jennifer Bailey was quoted as saying that the service “will provide businesses with a secure, private, and easy way to accept contactless payments”.