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Blockchain Transfers Are 388 Times Faster Than Mainstream Remittance Services

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Sat, 03/16/2019 - 11:32
Alex Dovbnya
⛓️🚀Fast, secure and cheap: the Blockchain takeover of the $700 bln remittance industry seems imminent
Cover image via U.Today
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Blockdata recently published a study that shows how Blockchain is disrupting the global remittance industry. Cryptocurrencies that rely on Blockchain greatly outperform traditional services when it comes to the time of remittance settlement.

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The fastest cryptocurrencies

While many critics scold Bitcoin because of its scalability issues, an average transaction usually takes up to one hour to be processed. For comparison, Western Union, MoneyGram and other companies that represent the $700 bln industry would make you wait up to five days.

Ripple’s XRP, which is now being widely used for cross-border payments, offers even faster speed of 1,500 TPS.

Related
Crazy Rich Asians: Asia’s Wealthiest Families Discuss Blockchain with Industry Bigwigs

Blockchain remittance companies

The aforementioned study also mentioned a lot of Blockchain-startups (SureRemit, InstaRem, etc.) that are focusing on making remittances faster and cheaper. Notably, most of these companies utilize existing Blockchain technologies, such as RippleNet and Stellar. There are also some exceptions: Wyre, for instance, uses its own technology for cross-border payments.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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