Blockchain could make global financial transactions faster and cheaper: Report

New Delhi [India], August 22 (ANI): Blockchain technology could make global financial transactions faster, cheaper and more secure by enabling transactions to be recorded and verified on a digital network, according to a report by Crescite.
The report said blockchain technology has enabled the development of digital assets, including unregulated cryptocurrencies such as bitcoin and regulated digital assets such as stablecoins. It said the technology could change the way money and other financial transactions are transferred and stored.
"Donations and other financial transactions can take place all over the world and will be nearly instantaneous, fee-free, and secure, thanks to blockchain technology," the report said.
The report explained that blockchain securely links together blocks of digital records, making transactions transparent and verifiable. According to the report, this could reduce the need for traditional banking systems in transferring or storing money.
Blockchain technology is a secure, shared digital record book where information is stored in linked blocks that are very difficult to change after they're added.
The report compared the traditional banking system with older forms of technology and said digital assets could represent a different model for financial transactions.
The report also highlighted the growing focus on ethical financial systems as blockchain adoption increases globally. It pointed to limitations in traditional financial models and the need for financial systems that can address social and economic realities in emerging markets.
It said this model could add another dimension to digital finance by linking economic activity with social and ethical objectives. It also said such approaches could help change the perception of blockchain from being mainly associated with speculation towards more impact-driven uses.
Eddie Cullen, co-founder of Crescite, said, "Financial transactions can take place all over the world and will be nearly instantaneous, fee-free, and secure, thanks to blockchain technology".
Cullen has highlighted the limitations of traditional financial models, noting that many fail to address the social and economic realities of emerging markets.
The report also noted that Crescite Innovation Corporation, which created Catholic Token, has announced a collaboration with Solana Spaces to publicly unveil the token at Solana Summer House 2026 on August 29 in Los Angeles.
The report also highlighted the role of governance and stewardship in building digital asset systems, arguing that innovation needs to be supported by trust and utility.
Overall, the report presents blockchain as technology that could extend beyond cryptocurrencies into financial transactions, stablecoins, governance and real-world tokenisation. (ANI)