Blockchain technology promises to facilitate fast, secure, low-cost international payment processing services (and other transactions) through the use of encrypted distributed ledgers that provide trusted real-time verification of transactions without the need for intermediaries such as correspondent banks and clearing houses. Blockchain technology was initially used to support the digital currency Bitcoin, but is now being explored for a wide variety of applications that don’t involve bitcoin.
Benefits of Blockchain Payment
1) Blockchain May Speed International Payment Processing Services
2) Blockchain May Lower Cost of Trade Finance