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ReadersSpeak

Blockchain cross-border payments? Not so fast role as an immutable digital ledger of transactions. It
W e are delighted to share the following per- ments process can see every entry into the ledger. With
also offers transparency, as those involved in the pay-

more nodes, or a point of intersection within the dis-
spective from Laurence Cooke, founder and
tributed ledger's network that can serve as a redistribu-
CEO of Nanopay Corp.
of blockchain become more secure and more transpar-
The current interbank process for handling global pay- tion point or communication endpoint, these benefits
ments is slow, expensive, highly manual, dependent ent. However, with every additional node added, the
on multiple intermediaries, lacks transparency and process is slowed down. Though blockchain-based
ultimately provides a lackluster customer experience. solutions claim to complete transactions in as little as
To address these concerns and keep up with the latest three seconds, the average transaction takes about half
in disruptive technologies, banks have taken steps to an hour. Meanwhile, other technology can conduct a
begin embracing blockchain solutions for cross-border transaction in just one to three milliseconds.
payments. Examples include Santander's recent an-
nouncement that they are working with Ripple and Scalability of blockchain technology, or lack thereof,
IBM's work with Stellar. is easily the biggest hurdle in true mass adoption of
this method of payments, especially cross-border pay-
However, one of blockchain technology's biggest draw- ments. Although blockchain is seen by some as a "magic
backs is that it is difficult to scale, and unfortunately, bullet" for seemingly all the world's woes, its develop-
using the technology for cross-border transactions may ment and implementation has a long way to go before
not be its best application. In some cases, blockchain- it solves traditional pain points in the financial sec-
based tech can handle around 15 transactions per sec- tor. While there is technology available to solve these
ond, which is significantly less than currently available problems that does not involve the trendy, yet volatile,
traditional tech that can handle 30,000 transactions per blockchain, why not use it?"
second.
Do you have insights to share with the payments communi-
Part of the appeal of blockchain technology is its poten- ty? Send us your thoughts at greensheet@greensheet.com.
tial for a high level of security, which results from its

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