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BNY Mellon: Blockchain Tech Could Transform Payments
Blockchain technology could potentially transform payments, says a new report by American multinational banking corporation BNY Mellon.
Although the report – titled "Innovation in Payments: The Future is FinTech"– notes that bitcoin may not survive in the long-term, the blockchain, it says, could help to reduce risk, transaction costs and improve speed, efficiency and transparency in the realm of payments.
The report goes on to assert that this process does not come without a set of challenges: