Blockchain's Effect on the International Remittance Industry

Moving forward, will companies that rely on blockchain manage to make inroads?

If you transfer money from one country to another using blockchain technology, you don't have to use the services of a bank at either end, which is the case with conventional transfers.

A significant number of people who need to send or receive money remain without bank accounts.

Cryptocurrency mobile wallets provide scores of people in South America, Africa and Asia easy means to send and receive money, given that mobile phone usage is fairly high even in unbanked populations.

Some experts believe that the overseas money transfer market is set to witness a sea of change in the next 10 to 15 years when blockchain will make sending money internationally as simple as sending emails in today's world.

The decentralized blockchain technology, on the other hand, keeps track of every transaction using a digital ledger, where entries cannot be fudged.

Blockchain has seen some glitches, mainly user-generated, and all have been addressed effectively.

Who's Already Using Blockchain?None of the older, well-established overseas money transfer companies have used blockchain, and it's primarily startups that are giving it a go.

With blockchain offering multiple benefits, it is only a matter of time before it disrupts the already volatile international remittance industry.

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