Blockchain technology is poised to significantly change cross-border payments by improving transaction speed, lowering costs, and providing enhanced transparency, as reported by Chainlink. The integration of blockchain in payment systems promises a more efficient process for international transactions. By utilizing decentralized ledgers, blockchain can facilitate quicker transfers and reduce the reliance on traditional banking intermediaries. This shift not only aims to cut costs associated with cross-border payments but also to increase trust through transparent transaction records. As the technology continues to evolve, its influence on the global payments landscape is expected to grow.
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