?3 Ways Blockchain Could Change The Way We Do Business In The GCC

??Retail payments

Introducing blockchain will speed up transactions and reduce costs, Banks could look to develop payments infrastructure and systems to make them blockchain compatible, but implementing blockchain will require investment to upgrade existing infrastructure.

??Remittances

Transaction costs and time are relatively high, reflecting the complexity of the clearing and settlement chain.

Blockchain could reduce this complexity by eliminating the need for correspondent banks, reducing the cost for customers and providing a near-instant settlement.

This would enable banks to levy cheaper fees and compete better even if exchange houses also adopted blockchain technology, the report has said. 

??Trade finance

Use of blockchain technology will help to have all parties on a shared system with permissioned access. This will enable real-time exchange of information, increase speed and provide visibility across the transit of goods and flow of information.

Source: INC