Blockchain-based money transfer services can dominate the international remittance business as it grows into a half-trillion-dollar industry over the next five years. That is the result of a study released Monday by Juniper Research, predicting blockchain technology will revolutionize money transfer if it can solve it’s “last-mile” problem—getting cash to recipients in low and middle-income countries. Those countries currently account for $332 billion in money transfers, much of it sent through traditional firms like Western Union and MoneyGram to unbanked people in third world countries, Juniper said. That will grow to $525 billion by 2024. (The World Bank said that number was much higher, reaching $528 billion in 2018.) According…
An MIT professor’s June 6 warning about some of blockchain’s vulnerabilities came too late for margin lenders on U.S. cryptocurrency exchange Poloniex, who lost nearly $14.4 million in bitcoin to a flash crash early last week.
Blockchain is one of the six emerging technologies the World Economic Forum believes will change the world so dramatically that they will be a “fourth industrial revolution.”
Ninety percent of blockchain-based supply chain projects are faltering because they cannot figure out important uses for the technology, research firm Gartner said on May 7.