As a whole is fintech Potential uses of the blockchain throughout the board and players in the space seem keen to check out what efficiencies could be pulled from the technology in the most disruptive and quickest way. It is apparent that there is room for expansion in the space of remittances.
Present Remittance Options Take Too Long
Currently, with remitting money involved, at least on the consumer end. First off, it requires a whole lot of time. Some institutions take can take up to five days or longer, when you transfer funds between banks. In the event of needing an instant remedy to take this’ place, blockchain technology is a useful one.
Remitting Funds Cross-Border Is Expensive
The Issue with remittance is that the price can be prohibitive. Blockchain remittances are more affordable and more secure for end users and bodies because of the media technology which cuts fees and time. For people within countries who send money to their families the fees with banks can fall up often being billed to both send and receive funds. For those in developing countries, the demand for remittances is greater. In countries like the Nigeria and the Philippines, remittances form a fraction of the GDP. Every dollar spent on the fees is used elsewhere.
Opening Up Alternatives to Those Who Need Them
Lastly, the access to banking solutions within countries can be a significant issue for individuals to overcome in their bitcoin value efforts. Not everybody has access to them, if banks systems are available. Having a more spread solution based blockchain technology requires the exclusive power which mega-banks provides chances and has over remittances.
Blockchain Technology gives us the capability to alter and radically improve on efficiencies in businesses that are true and tried that we take for granted as being large, slow, complex, but trustworthy. When we add in forefront sector experience with blockchain technology new inventions are possible to assist people all around the world with not just new features and skills, but reliability and transparency in the procedure.
Users of Blockchain
There is not regulation or a rule about who will or can use this immaculate technology. Though at present, its users are banks, Economies and giants only, the technology is available for the day To day transactions of the public also. The only drawback blockchain is currently confronting is acceptance.