earticle

영어

The Philippines, Asia's third largest recipient of remittances after India and China, has depend on money sent home by Filipinos who live and work overseas. Digital conversion generates payment automation and technological growth, has led remittance to develop from traditional to digital. When it comes to cross-border money transfers, the feasibility of transferring money from one individual to another highly depends on the fee. The use of blockchain technology is vastly used in many sectors, but very few countries have applied it to remittance services. Money is transferred directly via blockchain from account A to account B, eliminating the need to go to a physical correspondent banks- reducing the time and cost of the transaction. The goal of this study is to analyze if the Philippines would be able to adopt and fully utilize the advantage of the digital age and benefit the remittance recipients in the Philippines with the use of blockchain technology.