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Blockchain and the Case for Cross-Border Remittances

Blockchain and the Case for Cross-Border Remittances

This IDC study looks at a business case for blockchain technology: cross-border remittances between consumers. Blockchain represents a disruptive approach to multiple industries, including payments and financial services. To justify the interest in the technology, use cases for the technology must be found. The cost and complexity of cross-border payments offers just such a use case for applying blockchain."Cross-border remittances offers an ideal use case for the early application of blockchain. It provides the right business model and market needs to show how this new set of technologies can fit into financial services." — James Wester, research director at IDC Financial Insights

Please Note: Extended description available upon request.

IDC Opinion
In This Study
Situation Overview
Distributed Ledger
Decentralized Consensus Algorithm
Payments from the Beginning
Near-Real-Time Settlement
Risk Reduction
Fraud Reduction
Cost Reduction
Future Outlook
Essential Guidance
This Is All Unfamiliar
Evolution Will Happen Quickly
Regulatory Uncertainty Will Persist
Financial Services May Be a Hard Sale
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