Firms are beginning to use blockchain technology to carry out cross-border payments, slashing away the time and expenses tied to these transactions. And this takes productivity levels up greatly. Banks traditionally take a few days and charge around five percent for money transfers done internationally.
Blockchain and bitcoin revolution have vastly changed the way global currency is integrated in a digital world. Forbes reports that cryptocurrency is turning into a more widely embraced alternative to cash and credit cards, with more businesses accepting this digitized payment mode. This aligns with a rising need for security when conducting online transactions.
For both entities utilizing digitized payment, cryptocurrency would cater as the most widely known examples of blockchain technology. It speeds up transactions, takes away the costs coming along with them, and boosts efficiency in the business space. Using blockchain, the very same transaction occurs within six hours, with the charge attached to it now dropping to one percent.
Michael Dunworth, CEO of Wyre, explains his firm belief that blockchain technology is destined to shape the future.
“We’ve always believed that crypto would be huge, but we knew that it’s going to be hard to get the adoption of the masses unless it’s easy for the teams building those products have low barriers to entry.” he remarks. “Fintech is not a technical problem, for the most part, it’s more of a red tape problem. This is why innovation has been so slow in the space if you compare the changes in media over the past 15 years. We felt that these teams are going to have a hard time building out the necessary on and off ramps to allow the masses to access their product.”
Dunworth comments that capital required for international money transfers among other things are pretty enormous. Blockchain makes the foreign geography more accessible, he comments and also ensures that customers don’t need to wait three days for the transfer to come through. International currency is made simpler and accessible through blockchains, he concludes.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]