Revolutionizing International Remittance Payments Using Cryptocurrency and Blockchain-based Technology

Blockchain is disrupting many traditional industries including financial services. In the case of remittance payments, blockchain is seen as a promising technology that can revolutionize the way we send and receive money. Traditional players like Western Union and Moneygram are facing new entrants in this market such as blockchain startups. This paper will analyze the application of blockchain in remittances in order to determine if it has the potential to transform this industry. Through our analysis of the remittance industry and its current competitive landscape, it seems that it is very likely that blockchain will disrupt the space and completely change it in the next few years. Some of blockchain’s benefits in remittances discussed in this paper consist of reduced costs, increased speed, and the possibility to offer remittance services for the unbanked population.