Blockchain was first used for transferring and establishing the provenance of assets between individuals and organizations without depending on a middleman. This makes payments and remittances the oldest and most mature application of blockchain technology. Today, the technology has evolved to support a number of enterprise use cases revolving around payments and remittances, including retail payments, cross-border remittances, and corporate remittances. Several banks and financial enterprises around the world have recognized the disruptive nature of this technology in payments and are actively experimenting with workflows and applications that will form a core component of their IT infrastructure in the near future.
In the next five chapters, we will look at four such applications. We'll start by introducing blockchain in financial services and will then proceed toward building a wallet for transferring and storing assets. Next, we'll build a blockchain-enabled payment gateway for an e-commerce website. Lastly, we'll look at how we can leverage blockchain to cut out the inefficiencies and delays in corporate remittances and retail cross-border remittances.
This section comprises the following chapters:
- Chapter 1, Blockchain in Financial Services
- Chapter 2, Building a Blockchain Wallet for Fungible and Non-Fungible Assets
- Chapter 3, Designing a Payment Gateway for Online Merchants
- Chapter 4, Corporate Remittances and Settlement
- Chapter 5, Enabling Cross-Border Remittances with Real-Time KYC/AML Verification