From micropayments to large cross-border interbank settlements, blockchain technology will bring a revolution. Six central banks around the world has already proven concept, with the South African Reserve Bank being the latest with Project Khokha.
The World Bank stated that international remittances loses between 3% and 20% through transaction fees, depending on the jurisdictions involved (2017). And such a transaction may take 5 to 7 working days to settle. A blockchain can validate these transactions in seconds at zero cost, bordering traditional money-transfer system to rent-seeking behaviour.
During this talk, Carel dived right into the rabbit hole and explained the available technological architectures that are required to build the next generation of payment systems. He also pointed out which hurdles has already been encountered in modernizing the industry and describe how we need to solve these issues.