The Bitcoin 2024 event continues to share interesting insights on crypto and this time it’s Marathon Digital’s focus on cross-border BTC payments.
Crypto mining firm Marathon Digital created a stir when they took upon the issue of cross-border BTC payments at Bitcoin 2024. The event has already been creating headlines, with dignitaries lining up as speakers.
Cross-border payments are an important use case of crypto. Meanwhile, Julian Duran, an executive at Marathon Digital, said they were looking for blockchain developers for solutions in the same.
He said it was on top of their priorities and that it was crypto’s biggest use case. Durian went ahead to explain how BTC payments were favorable for cross border payments, both in terms of cost and time.
Moreover, he stressed the need for transparent regulations to facilitate BTC payments. By leveraging blockchain technology, one can transfer funds quickly and at a fraction of the cost. Besides, crypto provides people in unbanked or underbanked regions access to financial services. It furthers financial inclusion and allows them to send and receive money easily.
Another advantage is that crypto payments can streamline international trade by providing efficient and secure payment options. Smart contracts in blockchain can automate various trade processes, such as issuing letters of credit and handling payments upon goods delivery. This reduces paperwork, speeds up transactions, and lowers the risk of fraud.
The Marathon Digital executive also flagged these same issues at the event. Another key subject he highlighted was crypto’s importance in supply chains.
Blockchain technology can enhance supply chain management by providing increased transparency and traceability. Each transaction and movement of goods can be recorded on the blockchain, making it easier to track products, prevent counterfeits, and ensure the integrity of the supply chain.
In the last few days, speakers from industry to politics to academia have spoken at Bitcoin 2024.
Check out Millionero’s blog for the latest crypto updates!