The fiat currency has always been a problem when it crosses the border. In some cases, it will completely become void. And in the best case, you have to pay a quite notable amount as tax to convert the fiat money, which gets value after crossing the border. At some point in time, there are many ads all over the internet stating that they can mitigate the error, they can lower the cost, but none of them made sense, or none of them made their promises real. But when the blockchain made its entrance into the platform, everything changed, and the impossible was made possible with this decentralized distributed technology.
Blockchain payment remittance
Payment remittance is made easy with blockchain technology, as they eliminate many middlemen in this money remittance process. The blockchain directly eliminates all possibilities of bank involvement and many other intermediaries’ involvement. Blockchain development is mainly known for providing security and immutability.
With blockchain remittance technology, the user can directly send money to the receiver's wallet blockchain technology.
Advantages of Blockchain payment remittance
There are several advantages of the Blockchain remittance platform. When it comes to the traditional platform, elaborating the steps alone will explain how advantageous it is to have the Blockchain payment remittance platform.
In the traditional system, the user will send the money from his bank, and it will be sent to the foreign exchange of the country. The foreign exchange will validate the transaction and send the money to the off-shore bank where the user wants to send it, The off-shore bank will receive the money and send it to the Foreign exchange of the off-shore country, and then it will get validated and received to the user’s bank. The bank will credit the money to the user’s account. With blockchain technology, complete traditional banking is just over with Peer-to-peer with no intermediaries. Owning Blockchain payment remittance will be the best choice when considering the next generation.