January 25, 2022 All Things Fintech in Africa

Using Blockchain to Enable Faster Cross Border Remittance

Using Blockchain to Enable Faster Cross Border Remittance

Blockchain derived its name from how it works and the way it stores information. It is a public ledger of data collected through a network on the internet. It’s how this information is stored that feathers blockchain groundbreaking potential. Its’ importance rose from characteristics like transparency, decentralization and solid insurance.

There are numerous challenges this technology can solve as a result of its flexibility to reform financial services in all industries, including eradicating high prices of transactions and providing the means for quicker and secure transactions. However, the speed and scale of this disruption will definitely depend on the adoption by the users. People want to determine how much they pay for the transfer of information and finances between themselves.

If we don’t put ourselves on hold to send important mails across the globe, then, why should we wait so long for cross-border payments?. Banks are typically slow – taking hours sometimes days to deliver money transfers but people now want these processes to be faster. Time costs money and we are paying huge commissions to third parties for this speed up this process.

The future of the financial Industry is in blockchainization and tokenization. Using the blockchain application for AML regulation will serve as best practice and should be applied as all transactions have trusted track records. The widespread of blockchain within the finance industry will eventually pay off in self-regulation policies and will also be the best choice for future development in all financial systems.

It’s clear that there’s abundant space for growth within the area of remittances is utilizing distributed ledger technology. Blockchain remittances will be cheaper and safer for both parties participating in a transaction, thanks to the simple yet extraordinary networking technology that cuts out time and charges. For folks who migrated to developed nations, sending money to their families back home with traditional banks can tumble up to huge fees, often being charged both to send and receive funds. For those in developing countries, the requirement for affordable remittances is even larger.

By substituting traditional information database systems with a distributed ledger system, banks will scale on reconciliation costs, also remodeling information quality. Blockchain technology provides us the facility to alter and radically improve on efficiencies in many tried industries that we have viewed as being massive, slow, complex, however ultimately reliable. When we eventually include blockchain technology in our future industries, amazing new innovations will spring forth that will help people all over the world with not only new options and features but more reliability and transparency in the process.

 

Korapay is a cross border remittance platform focused on reducing the cost of money transfer and increasing its speed into and within Africa. Korapay allows individuals in the United States to send money within minutes to the bank account of anyone in Nigeria.

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