When blockchain technology first was implemented into payment services, two areas that appeared to be the most suitable ones were international payments via bank-to-bank transfers and trade finance.
The area of trade finance was also ready for blockchain. The process of trade finance, historically, took a lot of time and involved a lot of paperwork. The scope of manual intervention was huge.
The first application of blockchain payment systems in trade finance took place in 2017. Two branches of Brighann Cotton had to track and pay for their shipments between Texas and China. The two banks involved were the Commonwealth Bank of Australia and Wells Fargo. It became the first live global blockchain transaction between banks.
The Advantages of Blockchain
So, what are those advantages of blockchain technology that make it such an efficient choice for international payments and trade finance? How are blockchain payments useful for online retail and e-commerce? The Potential of Blockchain Payments
Learn everything about the potential of blockchain in the NOWPayments blog!
_____________________
Why use NOWPayments.io?
NOWPayments is the easiest way to accept online payments in a wide variety of cryptocurrencies. This service is custody-free, has competitive fees and is available worldwide.
- Over 50 cryptocurrencies are accepted on the platform with an in-built exchange feature;
- API, widgets, plugins and a donation button are all easy to integrate;
- It is a non-custodial service ensuring the security of your funds;
- A very simple setup
Crypto happens — accept it NOW!
