Blockchain technology has the potential to revolutionize the way we send remittances. Today, sending money internationally can be a slow and expensive process. Blockchain could make it faster and cheaper to send money abroad.
The way blockchain works is that it creates a shared database that is managed by a network of computers. This network is constantly updating the database, and all the computers in the network have the same copy of the database. This makes it very difficult for anyone to tamper with the data.
When you send a remittance using blockchain, the transaction is recorded in the shared database. This makes it much harder for someone to fraudulently alter the amount of money being sent. And because the transaction is recorded in a public database, it can be easily verified.
Blockchain also has the potential to speed up the process of sending remittances. Today, when you send a remittance, the money has to go through a number of intermediaries, such as banks and money transfer companies. This can take days or even weeks. With blockchain, the transaction can be processed much faster, because it doesn’t have to go through these intermediaries.
So, how does blockchain make sending remittances easier? It makes it faster and cheaper to send money abroad, and it makes it more difficult for someone to commit fraud.
Other related questions:
Q: How does blockchain make transactions faster?
A: Blockchain technology can make transactions faster because it can automate the process of verifying and approving transactions. This can reduce the time it takes to complete a transaction, as well as the costs associated with traditional methods of transaction verification and approval.
Q: How is crypto used for remittance?
A: Cryptocurrencies like Bitcoin can be used for remittance, as they allow for fast and cheap international transfers. For example, a service like BitPesa can be used to send money to Africa, where traditional banking infrastructure is often lacking.
Q: Can blockchain technology reduce the cost of remittances?
A: Yes, blockchain technology can reduce the cost of remittances. By using blockchain, remittance providers can avoid the need to use intermediaries, which can save on costs.
Q: What is blockchain technology and remittance?
A: Blockchain technology is a digital ledger that allows for secure, transparent and tamper-proof record-keeping. Remittance is the process of sending money from one person to another, typically via a financial institution or money transfer service. Blockchain-based remittance services have the potential to provide a more efficient and secure way to send and receive money.
Bibliography
- Remittance & Blockchain — Match Made In Heaven? – Medium
- How Blockchain Is Going To Change The Remittance In 2020
- How Cryptocurrency Is Changing Remittances – Yahoo Finance
- How Blockchain Makes Payments Faster and Secure
- Blockchain Technologies and Remittances: From Financial …
- How Blockchain Can Improve Remittances – BRINK News