the According to the world Bank, the Blockchain can inspire technologies international payments. Transfer solutions, such as Ripple could on the one hand, to save on fees and on the other hand, transactions speed up. Thus, their use would help in the future, especially for developing countries. Nevertheless, the development Bank warns against Overconfidence: a number of stumbling blocks such as security concerns, the Blockchain-use stands in the way of .
By David Barkhausen
At the 2. April 2019BTC$4.732,04 14.34%part Facebook Twitter LinkedIn xing mail
Who needs wants money from one country to another send, has always been two things: patience and money. Because of the international payment traffic is heavy. Cross-border transactions are often of a variety of Intermediaries, such as banks and service providers. They are often paralyzed due to different time zones and working methods. Not infrequently, the fees pile up.
This is particularly important for developing countries, a Problem, their economy is not very flexible, and loans from abroad.
According to the world Bank-technological innovations to keep you ready for future remedy. As the largest global donor of development aid in his recent blog post writes, could the Blockchain inspire-technologies of the international payment traffic. Especially in the area of business payments (B2B payments), you could provide a hand for transparency and traceability. On the other hand, they would lower the cost of transfers and thus the possibilities of economic growth.
The industry is ripe for innovation. […] Cross-border B2B payments are a potential use case for the successful introduction of the DLT [Distributed Ledger technologies]. How many other companies can benefit of the international money transfer greatly from this development and the cost of cross-border money transfer reduce. Some of these savings and efficiency gains could be passed on in the Form of lower transfer prices to the customer,
the blog post.
To pre-trodden paths: Ripple & co. do it in front of
As a pioneering example of such technologies in Washington, DC-based international organization called the company Ripple. This provides customers with a Blockchain network, which allows up to 1,500 transactions per second, and the payments in real time. Thus, the project is aimed primarily at the market at the end of certain institutions such as payment service providers, trading companies and banks.
As the technology allows, in particular, the currencies to trade with each other. This Ripple power, according to the world Bank, for payments in developing countries: a pilot experiment of the past year, the company was rehearsing, for example, the use in the case of payments along the US-Mexican border. Stakeholders reported that, according to the world Bank of up to 70% savings in transaction fees. The Transfers should not have lasted longer than three seconds.
As a further pioneer in the field of Distributed Ledger technologies, the development Bank, among other things, calls Circle Pay, Visas B2B-Connect and J. P. Morgan’s JPM-Coin. The latter had made in February as the first crypto currency to a US Bank to world-wide acclaim.
warning: Still stumbling blocks to determine the way
Despite these promising appearing prospects, the world Bank warns us to be humble. The conditions for the use of DLT were not created. Rather, the technology would be solutions plenty of stumbling blocks in the way. Regulatory uncertainty and concerns in the areas of privacy, transparency and security, for example, could in the long term run ensure that technologies DLT off-the Blockchain-advances to the rank.
Now it is hot wait for the first of these, and their environment develop. Further innovations were, however, alone necessary to achieve the Sustainable development goals (SDGs). These provide for a reduction of the global transaction fees to 2030.
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