As cryptocurrency expert witnesses, crypto consultants, and NFT consulting experts, we’re often asked where concerns may arise as the world increasing shifts to more financial technology (fintech) solutions. After all, new payment solutions such as online apps, digital wallets, and digital currency options of all kinds are increasingly arriving on the scene. But as many testifying cryptocurrency expert witnesses can tell you, while these technologies aim to be increasingly revolutionary in scope and scale, they often bring with them a host of unexpected hiccups on the business, retail, software, contracts, patent, and IP sides.
Bearing this in mind, it’s no surprise that many law firms, attorneys, and patent litigation pros are asking our cryptocurrency expert witnesses: What are some of the upcoming major issues related to fintech that may not be getting enough attention in the press and media as of late? Curiously enough, you may be surprised to learn that the answers are both varied and manifold.
For example, some crypto experts might argue that fintech providers have largely concentrated on the movement of money through online apps, cryptocurrency, tokens, altcoins, and various peer to peer solutions. But perhaps maybe they haven’t focused so much on issues that will pertain to use of new devices to store and exchange online or digital finance information like credit cards and wearable devices which are only going to be used more as forms of ID going forward, and only becoming smarter. Likewise, they may not have fully thought through the use of digital wallets and how they operate in practice, and in tandem with a variety of digital currencies and non fungible tokens.
In addition, several cryptocurrency expert witnesses might also suggest that various industry players haven’t quite fully though through the use of biometrics – body- and face-tracking touchless technology – yet and the issues it presents with identity theft and fraud. Your persistent digital ID which travels everywhere, not just a computer network or app, is really in many ways becoming the new security perimeter, or so the thinking goes. Bearing this in mind: What happens when someone hacks and fakes your retina scans or fingerprints? And that’s before you consider face scans and deepfake videos and all that. As you can see, the issues for consulting crypto experts will only become more complex and fascinating going forward.