Cross-border Payments and Remittances on Blockchain: Exploring the use of blockchain for facilitating cross-border payments and remittances, reducing costs and improving transaction speed
Published 24-06-2024
Keywords
- Blockchain,
- Remittances
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
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Abstract
Blockchain technology has emerged as a disruptive force in the financial sector, offering solutions to various challenges, including cross-border payments and remittances. This paper explores the application of blockchain in facilitating cross-border transactions, focusing on its ability to reduce costs and improve transaction speed. We discuss the current challenges faced in cross-border payments and remittances, such as high fees, lengthy processing times, and lack of transparency, and how blockchain addresses these issues. The paper also examines the key features of blockchain technology that make it suitable for cross-border transactions, including decentralization, immutability, and transparency. Additionally, we analyze the potential impact of blockchain on traditional banking systems and regulatory frameworks, as well as the opportunities and challenges associated with its adoption. Through this research, we aim to provide insights into the transformative potential of blockchain in revolutionizing cross-border payments and remittances.
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References
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