Publication date: November 22, 2016

November 17–18, 2016, Riga hosted the anniversary V International E-commerce Forum «eCom21». This year marked record interest: over 600 participants from 40 countries gathered to discuss not just the development of e-commerce, but its technological revolution.

Paysto management, as a regular participant, focused on two of the most significant and groundbreaking topics of the forum: the future of cryptocurrencies and blockchain and ensuring cybersecurity in the Big Data era.

⛓️ Blockchain and Cryptocurrencies: A New Financial Reality

In 2016, the topic of cryptocurrencies ceased to be niche and came to the forefront. The participation of experts like Jon Matonis (Bitcoin Foundation) and representatives of major fintech companies discussing BitPay tools confirmed: decentralized finance is not just a trend, but a new infrastructural reality.

For Paysto, this became a key point of analysis. We actively studied:

1. Regulation and Compliance: How Blockchain technology transforms legal and regulatory approaches to money transfers and data storage (issues raised in the session «Global Tax Regimes»).
2. Implementation Prospects: Opportunities for integrating cryptocurrencies into existing payment gateways to ensure instant and low-cost cross-border transfers, which is a direct advantage for our clients conducting international business.

🛡️ Cybersecurity and Big Data: Protecting Business and Data

As the volume of online trade grows, so does the attention to security. The session dedicated to cybersecurity, with specialists from Group-IB and Web Shield Limited, highlighted the need for preventive measures.

In this context, Paysto paid special attention to:

• Fraud Prevention: Exchanging experience in combating new types of cyber threats, which allows us to constantly update and improve our internal monitoring systems.
• Data Economy: Discussion of how Big Data is used for personalization (Retail Rocket) and simultaneously for improving scoring and reducing risks. We integrate this knowledge not only to protect but also to increase conversion for our merchants.

🤝 East Meets West: Cross-border Focus

At the session «East Meets West» (with the participation of PayPal RU and other major players), Paysto's role as a connecting link was once again emphasized. Our main task remains unchanged: to provide reliable and high-tech solutions that allow businesses from the CIS (SNG) to operate without barriers in the EU and North American markets. In 2016, these solutions are supplemented with tools that enable work with new decentralized currencies.

Paysto continues to develop its technological and regulatory competencies to remain a reliable partner for your business in the rapidly changing world of e-commerce.