ICO Review of the REMIIT Project - Current Problems in Remittances (Part One)


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Hello! Today we talk about the sector of remittances, as well as consider REMIITand find out what he is ready to offer in order to improve the existing system. But to begin with, I’ll introduce what is the current situation in the field of money transfers !? The international money transfer market is growing exponentially with the growing number of people who have access to bank accounts. With the development of technology and the Internet, money transfers are becoming more accessible and much easier than it was, say 20 years ago. However, where huge money is spinning, there are always those who want to grab as much as possible. Thus, monopolists appeared on the market, which do not allow to develop and simplify the transfer of money between people. When we make a payment by credit card, or simply make a transfer of funds to another account, we do not even know what our money is going through and how it works at all.
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Well, with a money transfer to another country, the scheme is much more complicated. In addition, remittances are limited by limits and are subject to commissions, the size of which is sometimes just shocking. The farther and poorer the country to which or where translation is required, the greater will be the commission. Monopolists in the face of huge campaigns such as VISA, MasterCARD, WesternUnion, and so on . dictate the conditions and set limits on remittances around the world! A logical question is brewing: why do we need all this when the Blockchain exists and successfully works !?
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REMIIT is a decentralized platform. Designed to develop an effective structure for foreign money transfers and payments through blockchain technology. This is a whole ecosystem that carries with it new opportunities. Each user of the system will be at the center of business relationships, overcoming existing problems by creating a large number of channels for working with electronic money.
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The number of international remittances has grown greatly lately, especially with the advent of the Internet. But there are still many barriers left. Consider in detail the moment in terms of reliability, profitability and infrastructure.
Reliability is an important element in the implementation of international money transfers, but in a centralized system with this concept, all is not well:
  • To send money abroad, the sender needs a foreign business operator that you can trust. This situation leads to the creation of a giant monopoly among financial institutions, because private entrepreneurs or companies are required to go through the SWIFT network . It takes a lot of time and money to use SWIFT , which makes overseas transfers expensive and time consuming.
  • Limps and safety. Due to the use of the same SWIFT network, the amount of losses is steadily increasing.
  • Those who wish to participate in the international money transfer business must cooperate with partners from other countries. Confidence is required to establish a business alliance, and it takes time and effort to verify it. In this regard, it is difficult for operators to expand the business and improve the quality of services.
  • Lack of transparency. It is difficult to determine the route of funds and why additional commission is charged.
Now consider the problems of profitability, cost-effectiveness:
  • The constant increase in the commission for foreign money transfers, as they are conducted through SWIFT .
  • Sales of allied players involved in business abroad are marginal.
  • Lead to high costs technological investment to ensure security.
Infrastructure issues:
  • It is difficult to find a platform where you can compare and select inexpensive and secure information about overseas money transfer services.
  • Infrastructure development is hampered by a lack of transparency. Transfers are blocked in an opaque environment.
From the above it becomes clear that all problems are interrelated. Solving these problems is possible with the help of the Blockchain technology and the REMIIT startup . I will tell you about the solutions that the team prepared for us in the second part of the review so as not to delay the article. Also in the next part we will discuss the details of the ICO and the roadmap, talk about the team and summarize.

Autohor      :  jeaniever rahardian
Profi       :  https://bitcointalk.org/index.php?action=profile;u=2447510
ETH ADDRESS  :    0x69a7f7EcFC9C43Eb5433DDE18a6bbD51Eb41b746

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