REMIIT- Decentralized Remiittance and Payment

September 13, 2018

REMIIT- Decentralized Remiittance and Payment

ABOUT REMIIT

As we face Globalization, a variety of obstacles between nations have been diminished and the global interplay of human beings and goods have become extra convenient. Especially due to the improvement of the internet, the range of overseas remittance and fee transactions is rapidly increasing. While such a massive market has spurred monopolistic monetary institutions, the obstacles between customers are nevertheless excessive and transparency continues to be a steady problem. First, «overseas remittance» transactions are sluggish and ineffective because of systems like the SWIFT network whilst Money Transfer Operators such as banks and non-bank fintech organizations have boundaries in scalability and expandability.

Furthermore, the «exchange rate» that emerges when discussing world finance is changing in as we examine relying on the political and economic hobbies between countries. Under these situations, there have been many revolutionary attempts to ruin inefficient constructions through applied sciences primarily based on the blockchain. The core technological know-how of the first generation blockchain used to be transparency and security via the Distributed Ledger Technology.

PROBLEMS REMIIT SEEKS TO SOLVE

We have temporarily discussed above that the existing distant places remittance and price methods have a variety of problems. These are real tales attributable to the current monetary structures and lifestyles, which have been considered as troubles that have been again and again and continually raised with the aid of several groups that have already labored on blockchain-based solutions.

Remittance certainly capacity sending out money. However, this is a lexical meaning in the dictionary. From the point of view of businesses, remittances cowl not only an easy transfer, however additionally repayments and in addition extends to «what occurs when we ship and get hold of something.» REMIIT appears at these problems from this standpoint: there exists a reoccurring remote places fee problem in the huge scale of remote places remittances market, which is derived via «issues related to alternate and use.

Below are some problems our platform seeks to address;

> Reliability and security issues

> Cost-effectiveness(Commission and efficiency) issues

> Infrastructure issue

SOLUTIONS TO THE PROBLEMS

REMIIT intends to innovate the commercial enterprise of «what takes place when we ship and receive something» from a new perspective. This is the place REMIIT's personal Ecosystem-based totally on blockchain technological know-how comes into place. REMIIT has designed the REMIIT Smart Contract to make the system to scale efficiently. Each participant in the REMIIT Ecosystem is positioned at the center of the business relationship.

With this infrastructure of these ecosystems, each participant can create a variety of channels to overcome present problems. Ultimately, the barriers of the preceding foreign trade ecosystem will be overcome by using more than a few channels, the market will expand, and the business will grow.

> REMIIT Smart Contract

> Tier Token System: How to solve the Crypto Paradox

> Expansion to REMIIT Payment Gateway Protocol

WHY NOW?

Currently, more than a few attempts are being made to commercialize the blockchain, so it is time that REMIIT Ecosystem performs an essential role for distant places remittance and payment. Unlike the previous when the SWIFT code was taken for granted, many fintech corporations tried to strengthen more than a few packages and apps to handle the troubles derived from the SWIFT code.
BLOCKCHAIN.