Page 28 - Geektime Blockchain Report
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Financial services
The most prominent sector that currently uses blockchain technology is financial services
Financial services
based on on on blockchain technologies could include a a a a a a a a a a a a wide range of of functions traditionally offered by banks and other financial institutions or online such as money transfers currency exchanges trading lending marketplaces digital and and “paper” wallets bookkeeping and and P2P loans These services
bring many financial possibilities to to people people in in in in developed countries countries but also to to people people with no banks accounts or credit cards in in developing countries countries countries It blurs the boundaries between countries countries and allows everyone to transfer money Hila wants to to transfer money to to her friend Dana in Germany
Today Hila 1 2 3 Hila places a a a a money transfer through her bank The bank transfers the money using Swift in in a a a a a few days-long process Hila pays a a a a a a large fee to her bank Dana withdraws the money from her account and pays a a a a fee Dana Hila's bank Dana's bank Blockchain-based
1 2 3 Why is Blockchain better?
* Lower fees *Faster process Hila places The money is Dana transferred receives the a a a a transfer Hila order from her digital immediately money once Dana and costs a a a a the block is wallet to Hila's small fee closed Dana's digital wallet Dana's digital wallet 28 * The infographic represents a a a a a a a possible future
scenario of a a a a a a a blockchain-based industry use case 


























































































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