Report: Blockchain transfer is 388 times faster and 127 times lower than traditional financial systems

According to a new report from BlockData, blockchain transfers are 388 times faster and 127 times cheaper than traditional financial systems. According to the report, the global remittance industry is huge, with billions of dollars in transactions every day. According to a report prepared by the World Bank, the global remittance in 2017 has increased to 613 billion US dollars, an increase of 7% over the 2016 573 billion US dollars, creating a new record. Despite the size of the global remittance industry, it also faces many challenges. To a large extent, cross-border transfers are slow and costly, and due to global financial regulations (many of which are related to anti-money laundering), financial institutions need to comply with regulations when dealing with such payments. time. According to the report, in order to take full advantage of the advantages of blockchain technology to solve the shortcomings of traditional financial institutions, entrepreneurs are creating blockchain-based solutions for the global remittance industry, using the number of remittance companies using blockchain technology or cryptocurrency It has grown steadily over the past decade. In addition, traditional companies are also interested in using blockchain technology to improve their services.