Integration of Blockchain Technology in Remittance Services:
In the last post, I presented you with some samples and examples of how remittance services can be facilitated with blockchain technology. I try to present a topic nicely and consistently so that my post readers can benefit from it. In the last post I have extensively discussed the benefits of remittance through blockchain technology but today I will discuss how we can reap the benefits through integration of remittance services with this technology.
First of all, if we want to make this service easier then smart contracts should be invited here. Integrating blockchain technology and remittance services with smart contracts can get maximum benefits because smart contracts work based on certain rules. When any rule is fulfilled in the case of remittance service, the remittance will be automatically transferred from one country to another country. And by doing this no middleman is needed and the work is done very quickly and easily.
A smart contract is called a self-executing contract where some code is set precisely and not by a person. Conditions for any event to occur are described. Whenever those conditions are fulfilled, the task is automatically completed which is one of the features of the smart contract. In the case of remittance service, when the information of sender and receiver and other verifications including their amount are completed automatically, the remittance will be automatically transferred from one area to another area and converted. Thus, we can make this service easier through the integration of smart contracts.
Blockchain facilitates the integration of smart contracts that automate and streamline cross-border payments. So, the remittance service providers can facilitate automated and transparent payment settlements. There will be no dependency on manual intervention and administrative overhead. Finally, it will improve the overall efficiency and accuracy of remittance transactions.
~ Regards,
VEIGO (Community Mod)
Blockchain is a highly advanced technology that can manage the data on a scale and its integration on the remittance services will surely make visible change and can be a game changer innovation. I'm excited for the future when this is going to happen on the scale and the industry will be benefited with this integration.