How money transfer benefit from blockchain technology?

About Epay

2019-02-15

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When you read or hear about blockchain technology, the first things that probably come to mind are cryptocurrencies like bitcoin and Ethereum, as well as mining operations that require big amounts of cryptographic processing power in exchange for rewards for proof of work.

However, cryptocurrencies and tokens are not the only digital assets and technologies powered by blockchain tech — it goes farther and deeper than currencies, with the technology having the potential to significantly innovate across industries, particularly where trust and speed of transactions are essential.

By taking away the middleman or central authority in establishing trust, and by ensuring that transactions can be audited by any and all parties involved, the blockchain provides a perfect way to protect against potentially fraudulent transactions.

Lots of industries that have already benefited from or will be benefited from blockchain such as Contractual Agreements and Real Property, Smart Grids, Money Transfer and Microfinance, Gaming and Entertainment, Governments and Smart Cities and so on.

Let’s see how Money Transfer benefit from Blockchain.

Every payday, millions of migrant workers — especially from developing economies in Asia and Africa — send money to their families back home. This is often a tedious, time-consuming and very expensive activity, with remittance services charging hefty transfer fees and also making big profits from the foreign exchange spread. Banks also offer international wire transfer services, but these can be expensive, not to mention that the users need to have accounts of their own.

To solve the time-consuming and expensive problem in international money transfer, Epay published the Global Remittance Network business that based on Blockchain technology. To make the remittance network goes smoothly, Epay first launched its official stable coin EpayUSD(EUSD)which is pegged to US Dollar with a 1:1 ratio to act as a transaction medium.

In the Epay global remittance network, a complete landing scene for EUSD is designed, which can be not only used for users to deposit & withdraw, use, trade but can be stored,circulated as a transaction currency.

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As shown in the picture above, supposing that a Filipino helper working in Hong Kong wants to send money to his family in the Philippines. EUSD is a transform and accounting tool among remittance company. EUSD will be reduced from the Hong Kong remittance company’s account while increased in Philippines payment company account. There is no complicated exchange process so that more time and money is saved. This service is focused on solving high cost, low efficiency, and inconvenient cross-border remittance procedures to small and medium-sized financial participants.

We have to say that blockchain has made a huge change in our life. With this advanced technology, our life will become more and more convenient.

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