What is blockchain in payments
How will blockchain improve cross borders payments?
how can blockchain help improve
international transfers the Spanish
businessman wants to make an
international transfer to pay for a set
of goods that he just received from
Latin America although he's going to
issue the transfer order immediately he
has no way of knowing when the payment
will arrive at its destination also the
businessman isn't sure about the amount
of money he should transfer because he
doesn't know the additional charges the
process may entail as the days go by is
uncertainty grows he has no way of
tracking the status of the transfer in
which several agents are involved at
BBVA a team of engineers economists and
designers are exploring what tomorrow's
international transfers are going to be
like DLP technology sports love change
allows for improved communication
between the parties involved in the
process the encryption properties of
these networks also enable the immutable
recording of transactions and enhanced
traceability to make clear at all times
what is going on with the payment
finally turning payments into a sequence
of coded and digitally signed events
makes it possible to collect all the
information necessary about the process
from start to finish and make it
available to all the parties involved in
the payment
using blockchain technology our business
man is going to make an international
transfer to Mexico before signing the
payment he is already aware of the costs
of the transaction after signing in just
a few seconds he receives a message
confirming that his money has been
received at the destination also if any
issues arise
he's perfectly aware of the status of
his payment and has all the details he
needs to identify it at BBVA we want to
change the world of international
payments and that is why we are
exploring new disruptive technologies
that will allow us to deliver financial
experiences that help simplify and
streamline our customers businesses BBVA
creating opportunities
![Harnessing the Power of Payments on the Blockchain [Ripple + Keybase + Stronghold]](https://img.youtube.com/vi/HO8MB2i4Tqg/mqdefault.jpg)