BLOCKCHAIN MIGHT COMPLETELY REPLACE TRADITIONAL REMITTANCE BASED SERVICES
The blockchain is a public ledger in which transactions are recorded in real time at regular intervals. The ledger is organized in a manner that allows anyone to go back into the past and review transactions. In other words, an auditable track of all the transactions that ever occurred is kept. It is possible to find out where every coin has been, which is a very useful tool for the financial system and law keepers.
Traditional remittance methods like money orders, demand drafts and bank cheques, involving agents, take a few weeks to reach the beneficiary. If one uses a conventional remittance method like a bank cheque transfer, it is usually kept on hold by the bank authorities for 2–3 weeks, after which the transfer is conducted. Different agencies have different sets of rules and regulations, which have to be adhered to before the transfer can be initiated. Traditional money transfer agents are singular bodies and unavailable around the clock. Also, manual involvement only increases the risk of the transfer duty being miscalculated or misplaced and there is no tracking system to check the status of your transfer. Agents also tend to charge higher fees and the exchange rates offered tend to be unreasonable. Thus, the transaction expense doesn’t seem to be worth it and the transaction turns out to be ineffective for the remitter. Besides, with a financial institution, there is tiresome paperwork involved before the transfer can happen.
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