Blockchain Technology in Banking and Finance

Many Transfers

Sending money to some different countries, banks are using remittances. As we all know that hundreds of billions of dollars are transferring all over the countries every year and this process is expensive.

Bitcoin offered an “alternative” mode of moving money, but traditional banks and service providers also use blockchain technology to improve remittances and reduce cryptocurrency exposure. For example, Ripple has partnered with several major banks to enable cross-border transactions using blockchain technology, and other service providers are busy developing solutions.

Inexpensive Direct Payments

Typically the funds pass via banks, credit card processing networks, and other intermediaries when you send or receive a transaction. Each move adds complexity, and for the role they play in your transaction, each service provider expects to receive a fee.


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