Block Chain

April 24, 2018, 12:36 a.m.

In the money transfer domain how block chain can improve the underlying process. As the current problems we face in the money transfer overseas including the long processing time, middle man’s charges, not easy to track and fluctuating conversion rate over the transaction from one country to another can be address by the block chain solutions. Currently, when transaction initiated by one country’s bank it goes through the middle man which increase the transaction time and put unnecessary charges. In order to deal with these issues, we focus on the implementation part of this new cutting edge technology called blockchain. As the block chain is a decentralized, distributed ledger provides a way for sharing, maintaining and recording the information by a community. So the new idea can be proposed lets call, closed bank coin network based on the block chain which gives the facility to get the transaction done very instantly and charges of middleman will be removed. It provides a direct bank-customer network where sender’s bank sends the money directly to the customer without involving the middleman. In this process, sender’s Bank, convert the amount into the bank coin and sell them to receiver’s bank. It happens over the internet where both banks can bid the bank coins. These bank coin may seem like cryptocurrency but it is completely bank regulated and closed to banks only. It’s a new medium of trading between banks for transferring the money. The receiver will get the same amount of money what been committed at the sender end without getting affected by the interbank coins deal. Cheers!!! With reference to my idea pitched on deloitte blockchain lab dublin in association with Bank of Ireland and UCD Ireland.