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Recently Says Bilaal, a senior technical engineer of Sweden that the blockchain technology will play an active role in promoting Sweden to achieve "cash-free" in the future. In recent years, more and more Swedish merchants and public service organizations have made strides toward "light cashification." From shopping to paying tax bills, Swedes almost always use electronic payments. Among them, mobile payment is one of the most popular electronic payment methods in recent years. The development of electronic wallets also provides more options for electronic payment.
According to the statistics of the Swedish Central Bank, the amount of cash circulating in Sweden decreased by nearly 15% from 2007 to 2015. At present, 97% of Swedes hold bank cards and 85% of Swedes use online banking. According to a survey conducted by the Swedish Central Bank, 33% of the respondents in 2012 chose to pay in cash, which in 2016 has fallen to 16%.
Lately according to the local bank staff, due to the popularity of electronic payments, the proportion of cash transactions at banks' counters has become smaller and smaller. This also helps to ensure the safety of the bank. In a bank with little cash, the robbers are not interested in patronizing.
Experts said that an important reason for the rapid development of "light cash" in Sweden is its sound foundation for universal credit. Sweden has a financial consumption system based on individual or corporate credits. When purchasing goods on the e-commerce platform, consumers can choose from various forms of non-cash payment methods such as bank cards, credit statements, and electronic wallets. Credit bills are associated with personal identification numbers, and only individuals with a good credit history can use this electronic payment method.
Once an individual has had a bad credit history, he will face a wall in Sweden. From the bank card application office to the electronic wallet registration and the payment of bills associated with personal identification cards will be hampered. The development of "light cash" has promoted the personal attention to credit records from another aspect.
In addition, the "light cash" development in Sweden has benefited from the following factors: First, the sparse population in Sweden makes the cost of cash distribution relatively high, and banks have therefore cut their cash business. At present, about half of Sweden's bank outlets do not Cash business; Secondly, the vast majority of banks in Sweden are small in scale, prompting banks to cooperate with each other in the payment field and reaching agreement on the development of cash from cash to electronic payments; in addition, Sweden has a high Internet penetration rate and rapid development of electronic payment technologies. The public generally takes a positive attitude towards the use of new technologies.
However, Bilaal, a Swedish senior technical engineer, believes that although "light cashification" is developing rapidly in Sweden, it will take some time to fully implement the "no banknote" plan. Cash may exist longer than people think. This mainly depends on the size of the resistance of "no banknotes" concept, such as the strong opposition from the elderly groups that new technology cannot master.
a senior technical engineer in Sweden, graduated from Lund University and received a master's degree in computer science. He has conducted in-depth research on programming languages, software architectures, network protocols and encryption technologies. Bilaal has provided Web services for Microsoft Windows Store at Microsoft and has many years of software engineering experience. Due to Bilaal's industry experience, Bilaal is very optimistic about the positive impact of the blockchain technology on Sweden's trasforming into a "cashless society" in the future.
About Blockchain Technology and Modern Finance
Blockchain technology is considered to be the core technology that has the potential to spark a disruptive revolution after steam engines, electricity, and Internet technology. However, Bilaal believes that there are still many problems in the blockchain development. The several major features of the blockchain technology are: multipoint collaboration + non-destructive + traceability. Whether these technologies can be quickly matured will be the most critical. Once blockchain technology is truly mature. It will be a bigger outlet and greater opportunity. This will better serve the use of blockchain in the application of asset pricing in modern finance.