Developing a Global Blockchain for Cross Border Transactions
Student: Zachary Hickey, 2016-2017
Modern technology has revolutionized the entire world and facilitates the transmission of instant data. However when it comes to monetary transactions, people have to trust a third party to be able to complete the transfer. Often, these third party, central authorities act as a validator for the transactions but in turn add administrative fees and time-inefficient processes. Financial institutions add roughly $20 billion in administrative costs to deal with these current processes while philanthropic organizations lose huge percentages of their charitable donations to transfer funds. Blockchain technology is challenging the norm of monetary transactions in a radical way. The blockchain shares its information amongst verified users, when one transaction is added to a ledger, it is synchronized onto every other users ledger-this counteracts cyber fraud attempts and amplifies security for all clients. Since there is no third party tracking all the transactions there is no single point of failure. Moreover, blockchain technology eliminates the need for a third party authority and limits the costs incurred during transaction. In essence, by implementing blockchain technologies, charitable organizations will be able to receive more of their overseas donations, clients will experience faster, cheaper, and safer international transactions, and immigrants will have the capability to send earnings back home where financial institutions are limited.