A Catalyst Of Globalization: Introducing REMIIT A Blockchain Powered Remittance And Payment Platform

12th August 2018: As globalization has progressed, there has been a steady rise in the corporate global interaction. As a result, with blurring global boundaries and increasing cross-border transactions, the number of overseas remittances and payments over digital transactions has seen rapid growth influencing trades in most parts of the world. While on one hand where companies have witnessed scalable expansions in business operations, the barriers between global finance is still high and transparency continues to remain a consistent problem hindering the economic growth across the globe. In addition, the centralized financial system revolves around high fees being charged resulting in high costs and an inefficient structure for the remittance/payment participants.

Introducing REMIIT — A Blockchain Based Remittance and Payments Platform:

REMIIT, a blockchain-based payments solution, taking a revolutionary initiative to act as a catalyst of development and to establish an efficient and innovative structure to facilitate global trade, introduces a decentralized remittance and payments platform. At the core of REMIIT Ecosystem lies the REMIIT Smart Contract (RSC) that efficiently scales processes to execute overseas remittance/payment transactions. The infrastructure of REMIIT’s solution has been so designed that while eliminating the existing limitations present in overseas transactions, REMIIT also offers highly cost-effective solutions for the business participants in overseas remittances at various levels.

As per the World Bank, the year 2016 accounted for a total of US$ 613.3 billion in international remittances worldwide and the transactions have been growing at a steady rate of 2–4% per annum. The United States solely accounts for a large part of remittances exceeding around US$130 billion each year. As blockchain has emerged as a core technology to facilitate cross-border transactions, it has brought about a huge difference in the overseas remittance market. 6% of the total remittances abroad were facilitated using cryptocurrencies and since then, as a result of its effectiveness and low-costs, the digital assets have seen a rapid surge in capturing the overall market share.

REMIIT’s REMI-REMD Two-Tiered Token System:

While foreign exchange plays a key role in overseas remittances, REMIIT’s two tiered token system REMI-REMD has been designed that resolves the external prices fluctuations while facilitating the internal business ecosystem. The entire ecosystem facilitates stability for internal business operations while securing liquidity and expanding the remittances business through the internal REMD Decentralized Exchange (REX). Additionally, while facilitating overseas remittances for business participants, the REMIIT platform holds the potential to expand this business area up to the payment infrastructure with its REMIIT Payment Gateway Protocol (RPGP). Integrating RSC with the RPGP Gateway, REMIIT will be able to entertain payment providers and other participants in the remittance and payments industry to explore overseas business by partnering and linking to the RSC.

Final Thoughts:

By establishing an innovative and a highly secure platform that facilitates global trades, REMIIT will create opportunities and channels for various business participants to connect overseas remittance and payments, the backbone of globalization. With a simple interface to smoothly access the blockchain technology, the REMIIT platform will serve as a key component for establishing a highly cost effective and an efficient process to explore business opportunities and expand global operations that could never have been imagined on the conventional monolithic channels.

Full Article on https://www.theodysseyonline.com/a-catalyst-of-globalization-introducing-remiit-a-blockchain-powered-remittance-and-payment-platform

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