Currency-Trading Disruption is .ing up in financial technology as cryptocurrencies are touching the new heights in popularity. In fact, Blockchain technology is fascinating a lot of people as it is one of the great inventions. The Blockchain technology is catching the attention of the governments and central banks of various countries as well for the reason that they see a solution in it. Blockchain technology has been catching the attention of the people behind cryptocurrencies. For instance, at Bitcoin’s heart lies the blockchain, an online, decentralized, user-managed ledger that records all transactions. The blockchain allows for secure and anonymous peer to peer transfers. Additionally, Blockchain has the potential to circumvent traditional middlemen and deliver savings of time and money for the customer. Needless to say remittances are a platform that the blockchain has the potential to disrupt, the opportunity to return value to the customer being considerable. The Scope for Blockchain Technology are Extremely Great The World Bank estimates that the global remittances in 2011 totaled over $500bn, approximately $400bn of this going to developing countries like India, China, Philippines, etc. Remittances from the UK were estimated at $23.1bn making it the third largest source after the US ($120bn) and Canada ($23.3bn). Needless to say Blockchain technology driven Bitcoin can play a vital role in the entire remittance market. For instance, it can enable people in some countries like India, China, and the Philippines, to use it for cost-effective money transfers. Remittance platforms are a mixture of the formal and informal and a number of .panies provide the services. Blockchain can play Vital Role in Addressing the Situation in Remittance Market Interestingly enough, the traditional remittance services providers tend to charge hefty amount from the users and that is why there has always been a search for the payment method that can be used for low-cost transfer of money from one country to another. Ranging from cash transported across borders by friends and family to .panies, all needed this. The traditional payment methods for international payments are by no means fool proof and are often loaded with inefficiency. Bank transfers are not universal in their coverage and charge huge fees. Here .es the role for blockchain. Digital wallets enabled by the blockchain allow almost instantaneous peer to peer Bitcoin/digital currency transactions at little or no cost. No.heless, with the recent introduction of wallets, safe transactions are possible as well. About the Author: 相关的主题文章:

 

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