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The financial services industry has been greatly affected by blockchain technology, which is a safe, decentralized, and open record system. There are many areas of the financial services industry where its ability to change old business models and ways of doing things is clear.

Blockchain technology is used to streamline payment systems, which get rid of the need for middlemen and make cross-border transfers faster, safer, and cheaper. As a global payment network based on blockchain technology, Ripple lets financial institutions process payments instantly and with very little fee, making it a fast and cost-effective option to traditional payment methods. As blockchain becomes more popular, it will probably cause a big change in how payments are made around the world, making it easier for people and businesses to do business across countries.

Despite being an important part of international trade, trade finance is often hampered by slow and difficult processes, lots of paperwork, and