Cross Border Payments
Sending money using existing banking system is both time consuming and expensive due to the involvement of multiple intermediaries and their fees.
Also, a lot of individuals still lack access to the Banking system.
Remittance
Blockchain cryptocurrencies can become that medium for unbanked individuals for transferring money. It takes away middleman fees and faster transaction due to middleman removal from the system.
Cryptocurrency Enablement has also spawned the development of cryptocurrency wallets. These wallets empower individuals for receiving and sending money without approval from central authorities. Such Individual can raise funding, enter into decentralized networks which can help them raise money and capital funding.
The barrier to enter the network is low.
Financial System
The points that are gained by customers from different firms can be exchanges and sold using blockchain.
This could make a sector relevant which otherwise seemed seemingly uninteresting and lot of points consumers don’t use go wasted.
Study Material