From the course: Blockchain: Beyond the Basics

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Blockchain use case: Cross-border payments

Blockchain use case: Cross-border payments - Blockchain Tutorial

From the course: Blockchain: Beyond the Basics

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Blockchain use case: Cross-border payments

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- Today, when a person or organization uses a financial institution to send a cross-border payment to another entity, say, from Rotterdam to Hanoi, this transaction can take many days and incur significant fees. The global financial system is complex, bureaucratic and has many intermediaries. I've personally sent money via my bank to other countries many times, and without paying an additional expediting fee, it's often taken several days. Additionally, because of the often sizable fees, sending small payments cross-border becomes restrictive. That's not great for the sender or the receiver, but that's the way it is generally today. How might this be solved? Let's look at a popular blockchain-based solution called Ripple. Ripple has developed a decentralized network of payment providers, such as banks, called RippleNet, to provide reliable messaging and real-time clearing settlement of financial transactions. The network…

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