Complete the Trust Issue among Businesses
REMIIT is a decentralized platform. It is designed to develop an efficient structure for the transfer of foreign money and payments through blockchain technology. This is the whole ecosystem that brings new opportunities. Each system user will be at the center of a business relationship, overcoming the problem by creating a large number of channels to work with electronic money.
The number of international money transfers has grown strongly recently, especially with the advent of the Internet. But there are still many obstacles. Let’s consider in detail these points in terms of reliability, profitability and infrastructure.
Reliability is an important element in the implementation of international money transfers, however, in a centralized system with this concept, not everything is good:
- To send money abroad, the sender needs a trusted foreign business operator. This situation leads to the creation of large monopolies among financial institutions, because employers or private companies are required to pass through the SWIFT network . The use of SWIFT must spend a lot of time and money, which makes foreign transfers expensive and time-consuming.
- “Limps” and security. Due to the use of the same SWIFT network , the number of losses continues to increase.
- Those who want to participate in the international money transfer business must work with partners from other countries. To build a business alliance, you need trust, and it takes a lot of effort and time to verify it. In this case, operators find it difficult to expand business, and improve service quality.
- Lack of transparency. It is difficult to determine the funding route and why additional commissions are charged.
Now consider the problem of profitability, economic efficiency:
- Constant increase in commissions for foreign money transfers, because it is done through SWIFT .
- The sale of allied players involved in overseas business is not very profitable.
- Leading on high-tech investment costs to ensure security.
Problems with infrastructure:
- It’s hard to find a platform where we can compare and choose cheap and safe information about foreign money transfer services.
- Lack of transparency prevents infrastructure development. Translation is blocked in an opaque environment.
From the above it becomes clear – all problems are interrelated. The solution to this problem is possible with the help of Blockchain technology and REMIIT startup . About how to prepare our team, I will tell the second part of the review, so as not to delay a lot of paper. Also in the next section we will discuss the details of the ICO and the road map, we will talk about the team and let’s summarize.
Official website: https://remiit.io/
Thread on the Bitcointalk forum: https://bitcointalk.org/index.php?topic=4929374