VGrip Partner: Blockchain Can Help the Middle East and Northern Africa at Ripple Regionals MENA Event
The blockchain technology is set to change the world for the better. This may be common knowledge among blockchain enthusiasts, but it is still a new concept to most people, so it is an important message. Now, Roel Wolfert, a managing partner at VGrip, has recently published a new article that talks about that.
“How Blockchain Will Help Banks Tap New Markets in MENA”,
the idea of the document is to tell investors how to use this technology in order to improve several aspects of the Middle East and North Africa (MENA) region.
The document focused on how the technology provided by blockchain companies can be used in order to make the cross-border transactions in the region quicker and more efficient.
According to Wolfert, cross-border transactions can eat up to 9% of the money that was sent to another country. This may be very profitable for the companies providing the services but it is also very bad for the clients of these service providers.
This is the main reason why so many fintech companies are so keen on disrupting this process. It is possible to do it because they simply charge way too much for the service as they are not efficient and use outdated technology. With better tech support, other companies could charge a lot less and basically disrupt the market because they would win the clients easily.
He also talked about the blockchain technology is being used to disrupt several financial businesses around the world, especially in the remittance and shipment industry. According to a Blockdata report, blockchain transactions can be 127 times cheaper and almost 400 times faster than normal methods. This is basically the main use case for not getting behind and using the technology.
Ripple is certainly offering these companies a solution. The company has xVia, xCurrent and xRapid, three XRP-based services that can be used in order to send money to other countries.
The company was already able to get important partners such as the PNC Bank and Banco Santander and keeps finding more partnerships as time passes. While the PNC Bank is using Ripple to settle internal payments across international branches, Santander has created its own service based on Ripple technology and it is using it to earn money from the remittance.
In fact, the company is achieving incredible results in recent years with its partnerships and allowing several companies to spend less money on outdated and slow technology. In the end, only the companies who get on with the times will be the ones that can be able to continue in business.