Blockchain technology can facilitate crossborder payments and reduce transaction fees from "summary" of Blockchain Technology Explained by Alan T. Norman
One of the most significant advantages of blockchain technology is its ability to streamline and simplify crossborder payments. Traditionally, sending money across borders can be a complex and expensive process, involving multiple intermediaries and high transaction fees. However, with blockchain technology, transactions can be executed directly between parties, eliminating the need for intermediaries and reducing costs significantly. By using blockchain technology, crossborder payments can be processed quickly and efficiently, often within minutes, regardless of the distance between the sender and the recipient. This speed is a result of the decentralized nature of blockchain networks, which operate 24/7 and do not depend on traditional banking hours or ...
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