Blockchain technology has the potential to disrupt many traditional industries especially financial services such as Asset Management, Lending, Trade Finance, Remittances, etc. As per a PwC report on Global Fintech, 77% of financial institutions are expected to use or try out blockchain in their production system by 2020. Funding on blockchain-based startups is at an all-time high, exceeding over a billion in the last 5 years.
What Is Blockchain?
Blockchain is a type of distributed ledger technology (DLT). DLT allows the recording of transactions through a shared database among a network of computers. It is decentralized, cryptographically secure, and updateable in an immutable manner. The distributed network eliminates the need for control by a single authority.
In the case of remittance payments, blockchain technology holds the potential to remove intermediaries enabling peer-to-peer transfer, cut down cross-border transaction costs, and address shortcomings of current payment systems such as speed, access, and transparency.
Continue reading: https://www.compareremit.com/money-transfer-guide/impact-of-blockchain-technology-on-western-union-and-moneygram/
What Is Blockchain?
Blockchain is a type of distributed ledger technology (DLT). DLT allows the recording of transactions through a shared database among a network of computers. It is decentralized, cryptographically secure, and updateable in an immutable manner. The distributed network eliminates the need for control by a single authority.
In the case of remittance payments, blockchain technology holds the potential to remove intermediaries enabling peer-to-peer transfer, cut down cross-border transaction costs, and address shortcomings of current payment systems such as speed, access, and transparency.
Continue reading: https://www.compareremit.com/money-transfer-guide/impact-of-blockchain-technology-on-western-union-and-moneygram/
