Applications of Blockchain for Cross-Border Deposits in the Finance and Banking Sector
Blockchain technology changed how e-payments work and opened the door for development of advanced and secure e-payment systems. Currently, cryptocurrency is the only well-known, successful application of blockchain technology. However, the application of blockchain technology is not limited to cryptocurrencies. Many distributed ledger technology experts discussed the benefits of applying blockchain in many sectors such as, finance, government, healthcare, energy, supply chain, and transportation. One important sector expected to benefit significantly from blockchain is the banking sector. Banks and financial institutions around the world are investigating blockchain applications. Perhaps banks are slowly and carefully examining blockchain, but they are actively exploring the technology. In this research project, we are collaborating with Scotiabank and the Cross- Border Institute (CBI) to investigate the applications of blockchain technology in Cross-Border Deposits. The project aims at developing a platform for cross-border banking to reduce the cost and the time required for cross-border deposits.