What to know about Blockchain-powered cross-border value transfers
Cryptocurrencies and their underlying blockchain technology are being touted as the next-big-thing after the creation of the internet. One area where these technologies are likely to have a significant impact is the financial sector.
The blockchain, as a form of distributed ledger technology (DLT), has the potential to transform well-established financial institutions and bring lower costs, faster execution of transactions, improved transparency, auditability of operations, and other benefits.
Cryptocurrencies hold the promise of a new native digital asset class without a central authority. Could sending money to a friend in another country be as easy as sending a photo on an instant message? Many in the finance world think that should be the desired customer experience, powered by blockchain solutions. Right now, a cross-border payment can involve a handful of humans at either side of the process; it can take days; and, it’s expensive. Blockchain technology allows for the transfer of value without the need for third parties; the technology lets the process happen quicker and more efficiently.
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