Discuss how blockchain could address it

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Reference no: EM133923891

Question: The following questions need to be answered:
• Describe the process or problem in detail (What is it? Who is involved? Why does it matter?).
• Explain current challenges with this process/problem.
• Discuss how blockchain could address it.
• Support with research evidence/examples.

Need 2-3 pages, apa citations format using credible sources like academic journals, investment bank articles, industry reports, and books. If a chart or graph is needed then please add. Get online assignment help-AI & plagiarism-free-now!

What are the main risks and challenges-such as regulation, fraud, and adoption barriers-that limit blockchain's effectiveness in cross-border payments?

Why? Because while blockchain offers efficiency, its long-term viability depends on addressing compliance requirements, building user trust, and mitigating technical vulnerabilities.

Problem 3: Lack of transparency and trust in cross-border payment systems.
Traditional remittance systems often provide little visibility into transaction status, leaving senders and receivers uncertain about when funds will arrive or what fees have been deducted along the way. This lack of transparency reduces trust in financial institutions and disproportionately affects underbanked populations. Blockchain-based DeFi can address this issue by providing immutable, transparent ledgers that allow participants to verify transactions in real time, increasing both confidence and accountability in the remittance process.

Reference no: EM133923891

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