A quick guide about blockchain based 'remittance' solution

Copyright © Blockchain Council www.blockchain-council.org
A Quick About Blockchain - Based Remittance
Solution
Technology is the building block for new transformation which are paving the way
for a new set of developments. Companies are now actively looking for Blockchain
experts and Blockchain developers who can help in syncing the current business
operations with the Blockchain platform.
2

There are several use cases of Blockchain which ranges across different business
verticals. Whether it is a finance sector or healthcare, supply chain or education,
Blockchain finds its applications here. One of the key use of Blockchain is in
financial transactions. With more than 250 million immigrants and migrant workers
wanting to send money to their native country, the need for a simpler and easy to
use transaction platform is rising.
3

Around 25% of the global remittance volume is catered by Western Union and
other three large MTOs, while the remaining 75% is taken care of by small and
mid-sized companies. While it may sound that everything is taken care, but this
segment suffers from some grave issues lie latency, illiquidity, growing reluctance
from back to service smaller MTOs because of compliance issues. All this
aggravates the bottlenecks of the conventional money remittance system.
4

At the same time, the World Bank also shared the information stating the
remittance to developing countries would increase. To cater to this growing
demand, there is a need for a system which is seamless and also highly secure.
The conventional system cannot handle the large volume of remittance that is
required by the people, and hence there is a need for a platform that can
guarantee the same.
5

Blockchain platforms have become popular because of this. DLT technology has
all the necessary features, which makes it one of the most popular choices and
solution for global remittance.
Key features of Blockchain which will be helpful:
1. No third-party intervention- One of the key problem that Blockchain
addresses are that this platform is free from third-party interference which reduces
the latency issues. Thus ensuring faster remittance
6

2. Security of transactions- Digital platforms, despite claiming to be free from
hacking and malicious attack, is not able to provide a secured platform for the
transaction. There is always a threat of data hacking and breach of security. With
the help of Blockchain, we can easily cater to this problem. All the information on
Blockchain is encrypted cryptographically, thus making it absolutely safe for the
user.
3. Faster transaction – Since Blockchain works on the peer-to-peer transaction, it
makes it easy for the sender to send the money without waiting for approval and
validation directly. Thus ensuring faster transactions.
7

With all these features, Blockchain platforms can easily resolve the issue related
to global remittance. Blockchain-based remittance solutions will help the smaller
MTOs to have reduced dependency on banks; this will reduce their operating
expenses. Thus saving them some money which can be used for their other
business operations. Also, Blockchain will allow the MTOs to have low transaction
fees.
8

Concluding notes: Blockchain-based applications are going to increase wit time
and so will be the need for Blockchain professionals who can help in leveraging
this technology. To know more about Blockchain, connect with Blockchain Council
today. This is an online learning platform where one can apply for Blockchain
certification and Blockchain training. With this certification, you can expect your
career graph to grow positively. Enrol for this certification today.
9

Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
10

THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
Copyright © Blockchain Council www.blockchain-council.org 11

A quick guide about blockchain based 'remittance' solution

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