Implementation of Blockchain in Cross Border Money Transfer

Abstract

The focus of the paper is to conduct research on the implementation of blockchain in the cross-border money transfer. The problem being faced in the current scenario in overseas money transfer is remittance that results in high transaction fees, no $24^{\ast}7$ availability, lack of transparency and name a few. Blockchain provides a platform which vanishes these problems providing a stable and scalable platform for cross border asset transfer. The distributed ledger is promising in every aspect for these transactions which provide a better benefit to the financial sector.