The commercial bank in Qatar has unveiled its block chain prototype designed to modernize remittances on a global scale. Utilizing blockchain technology for international transactions has been an idea supported by an wealth of successful projects trialed individuals. However the project announced by the commercial bank of Qatar has been claimed a success as the bank hopes to roll out the technology in mainstream venues within years.
“We are delighted with the success of this pilot across the Commercial Bank Group and want to expand our cluster to form closed group networks for trade and cash transactions with more banks in South Asia, Egypt, Philippines, UAE and other countries with higher transaction volumes.”
There have also been many other banks particularly located in Turkey and the United Arab Emirates which have also run their own respective blockchain trials as many aim to create an infrastructure for transactions on a global scale with eastern nations like the Philippines.
To conclude, Qatar’s latest announcement further cements the blckchain’s viability in the remittance industry. While many other African countries have also shown interest in utilizing Bitcoin and its respective technologies for international transactions as the R3 consortium has also been [particularly active encouraging adoption by supporting central banks of African states. If you would like to explore the possibilities of Bitcoin for personal remittances, the NairaEX exchange, delivers Bitcoin at premium prices within a matter of hours. Plus the added benefit of near free transaction which are instant will allow you to send Bitcoin immediately to anywhere in the world!