From banking to voting, the arrival of blockchain technology is transforming industries across the board. The technology boasts a faster and safer data transfer than previous methods; making it applicable to many aspects of business and personal life. However, one industry which could benefit most is yet to implement the tech, and you’re paying the price. While you may not find transferring money overseas too troublesome, you would also find a horse-drawn carriage practical, had you not seen the car. The reality is, the process of transferring money is slower, more expensive and more vulnerable than it could be using blockchain technology. Introducing blockchain technology is the natural next step for the money transfer industry; so why haven’t we seen it in use? Well, with Santander making almost 10% of their profits from money transfer in 2016, the banks have a lot to lose from the use of blockchain technology. By using cryptocurrencies as a medium, you won’t have to go through the bank or the local exchange office. You’ll be able to transfer funds directly to the foreign exchange office who will then convert the cryptocurrency into the appropriate currency for the recipient. Cutting two parties out of the equation will save you money on fees and save you a great deal of time. [1] Not only does cryptocurrency have the potential to save you time and money on your transfers, but it’s also more secure. With traditional banks, your data is not as safe as you may think. In 2017, Italy’s largest bank was hacked, with data from 400’000 accounts being stolen. Bank data is all stored in one place, making the information far more vulnerable. Blockchain does not store data in one place, making it far more difficult to intercept and steal. [2] So, public blockchain can make transfers, cheaper, faster and more secure. However, this only solves half the problem. The process of transferring money requires sending personal information, Know Your Customer (KYC) and Anti Money Laundering (AML) documents to multiple parties. This information can then take anywhere between, 2–22 days to be reviewed. While, the use of blockchain would mean sending the KYC and AML forms to fewer parties, it will still have to be repeated should you decide to use a different transfer company. What if you only had to send your KYC and AML documents to one service, allowing you to instantly transfer through any provider? Well, at Find.Exchange we aim to combine the speed of cryptocurrency transfer with the practicality of one-time document review. With the upcoming launch of our ICO, we’ll be able to offer users a cheaper, faster and safer transfer than previously possible. Furthermore, we’ll reward our users with tokens on their transfers. In fact, we take it one step further. Now that you can trade in a matter of minutes through any provider, how do you choose which one? With each offering different rates for the same transfer, it can take a long time to decide which is the best value. Using our real-time comparison, you can see which provider is offering the best rate at the time you wish to transfer. The money transfer industry is undoubtedly due for some innovation. At Find.Exchange we have the formula for the future of the industry. Find out more at https://find.exchange Find.Exchange https://www.theguardian.com/money/2017/apr/08/leaked-santander-international-money-transfers-transferwise ↩︎ https://www.express.co.uk/finance/city/833440/italy-unicredit-bank-hacked-cyberattack-italian-banking-major-security-breach ↩︎
