Adopting Blockchain Technology in International Wire Transfer through FinTech
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Authors
Dania, Feyisetan
Issue Date
2023-03-24
Type
Other
Language
en_US
Keywords
Blockchaiin Technology , Fin Tech , Cryptocurrency
Alternative Title
Abstract
Blockchain Technology is one of the most remarkable and revolutionary technological innovations of the 21st century, leaving a remarkable footprint in the Fin Tech industry; the technology is a distributed, immutably encrypted digital, and tamper-proof ledger for recording transactions (Dania, 2021 ). This technology reduces transaction costs, generates distributed trust, and empowers decentralized platforms, potentially becoming a new foundation for decentralized business models, which are more distributed, innovative, interoperable, borderless, and transparent. (Kimani, Adams et al. 2020), (Andola, Raghav, et al. 2021 ). Decentralization is intrinsically integrated into Blockchain Technology and eliminates its dependence on a third party by the users to secure one's transactions and assets (Ali et al., 2020). The study explains the adoption ofBlockchain Technology in International Wire Transfers as a facilitator for a faster, easier, cheaper, safer, and more reliable process to wire transfers using Fin Tech; which is a popular term that describes novel technologies adopted by financial service institutions (Gai et al., 2018). FinTech is an intersection between finance and technology that automates and gradually switches financial services from traditional methods to digitalization processes.
Description
Advisor: Prof, Dan Tenney.
UB RISE 2023, Department of Technology Management, School of Business and Engineering, University of Bridgeport.