Using Blockchain to Allow Faster Cross Border Remittance

Fintech as a whole is rapidly adopting potential applications of the blockchain across the board and many players in the space seem keen to test out what efficiencies can be extracted out of this emerging technology in the quickest and most disruptive way possible. It's clear that there is much room for development in the space of remittances utilizing distributed ledger technology.

Current Remittance Options Take Too Long

Presently, anybody who banks with significant institutions knows what's involved, at least on the user finish, with remitting money overseas. First off, it requires a lot of time. When you transfer funds between SWIFT affiliated banks, some institutions take can take up to 5 days or much more. In the case of needing an instant answer to take the place of this, blockchain technology is a useful one. Cryptocurrencies which are already proven on blockchain technology can transfer funds with a state of safety inside minutes.

Remitting Funds Cross-Border Is Costly

The second issue with cross-border remittance is that the price can be restrictive. Blockchain remittances are less expensive and more secure for both financial bodies and end customers due to the easy however extraordinary networking technology which cuts out time and fees. For people within developed nations who send money to their households overseas, the fees with traditional banks can tumble up to hundreds of dollars, frequently becoming charged both to send and obtain funds. For these in developing nations, the require for low-cost remittances is even higher. In countries such as the Nigeria and the Philippines, remittances type a massive fraction of their GDP, around 4% and ten% respectively. Every dollar spent on the fees associated with sending the money is likely much better used elsewhere.

Opening Up Options To Those Who Require Them

Lastly, the access to conventional banking solutions inside developing nations can be a major problem for people to overcome in their attempts to transfer money. Even if banks systems are accessible, not everyone has access to them. Having a much more extensively spread solution primarily based on blockchain technology requires the almost exclusive energy that mega-banks have over cross-border remittances and gives more opportunities to people who require them.

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