Money Over IP (MOIP) Is A New Catchphrase Set To Change The Future Of Banking And Finances
MOIP — A Word That Will Change The Future Of Banking And Finances
When you hear the word MOIP for the first time, it is nothing more than a funny little word. However, it is a word that carries a much bigger meaning. In fact, it may just be the word that will change the future of finances and banking.
The word was used recently by COSIMO Venture Partners' Rob Frasca, during his talk on blockchain technology. Frasca is already well-known for helping create a financial software company called Intuit, as well as a known search engine Lycos. These days, he specializes in blockchain technology, convinced that this is the future of business and technology.
So, What Is MOIP?
The word MOIP, which he used during the blockchain-based talk is actually short for “Money Over IP”. It is an important use case for blockchain, possibly the biggest one so far, since it can change so much.
Everyone who tried to send (or receive) money from one country to another can confirm that this is a lengthy process that often takes days to complete. So far, people had to use wire transfers in order to complete such transactions. A few decades ago, that was great, and it definitely beats snail mail. However, these days, things operate on a different standard.
If we can send emails instantly, instead of waiting for days or weeks for a letter to arrive, the same can certainly be done with the money. And, it's true, it can. With MOIP, such transactions can be completed instantly. In fact, the process is pretty similar to sending a single email. Many believe that this is the future, and there is no reason why this shouldn't be true. The process is much faster, much cheaper, and much safer.
As such, it is also considered to be technology that will seriously disrupt the banks, as well as completely revolutionize different ways of sending money. In addition, this is technology that we already have. It is not a promise that is set to arrive at some point in the future. Instead, it is already here.
The first application of this technology is a decade-old trend of cryptocurrency. Most people have heard about cryptocurrencies by now, especially of Bitcoin. These currencies act as digital money, and people around the world are already using them for sending value over the internet instantly. Thanks to blockchain technology, all such transactions are safe, secure, transparent and immune to tampering or manipulating.
This is due to the fact that cryptocurrencies and blockchain technology strive to bring a new age of decentralization. While the process is slow, significant advancements were already made in the last 10 years. These days, blockchain and crypto are the most talked about technologies around the world, which will likely only speed up their development and adoption.
For now, however, this tech is still in its early days. However, there is no lack of excitement, as stated earlier. Eventually, banks around the world will be forced to adopt at least blockchain, if not crypto. Otherwise, they will risk being left behind, and becoming a relic of the past.