Why Blockchain could be end of high fees, delays in global payments
The world is more connected today but cross-border payments are still like they belong to the previous era. The transactions are often slow, expensive and unclear. Traditional financial systems just don’t cut it anymore for a global economy that thrives on speed and efficiency. Let us understand whether blockchain really make cross-border payments better.
Why Traditional Systems Fall Short
Anyone who has made an international payment knows that traditional system is a headache. The process relies on several banks and payment processors which acts as intermediaries. The system has worked for decades, but it has some flaws:
• It is expensive as every intermediary charge a fee and this add up quickly.
• It is slow. Transactions can take several days to complete due to different ...