Remittance Paradigms: Advantages and Disadvantages

Traditional financial systems are being transformed by blockchain technology. A crossroads is being created in the cross-border remittance industry. With newcomers like Ripple and a number of decentralized exchanges who rely on distributed ledger technology and work with crypto tokens emeged, the conventional SWIFT system is facing competition. This paper aims to determine whether blockchain technology could transform a traditional remittance industry and how it might be possible. we conclude that decentralized exchanges and Ripple Network have no significant disadvantages over SWIFT, despite a few minor issues. Due to its economies of scale, SWIFT will continue to dominate the remittance market in the short term. However, Emerging blockchain technologies will ultimately revolutionize the remittance industry or even other financial systems in the long run.