Globalization has brought a lot of changes in the world and there is a scope for any company to establish their business in other countries without any hassle. There is a lot of development among the companies and there are huge benefits with this globalization. The one main and important problem that the people are facing with globalization is the financial transactions.

There are various problems that arise with the international transactions. Some of the most common problems are security issues, fees charged by monopolistic systems, reliability, etc. The banks and other centralized money transferring platforms charge huge amount for each and every transaction that they make.

This is the main reason behind the evolution of REMIIT. REMIIT has its own ecosystem built on the blockchain. The decentralized technology that has been used in this blockchain has many advantages over the centralized technology and this is the reason why the entire ecosystem of REMIIT is built using blockchain. REMIIT offers a secured and cost effective platform for the transactions.

The main aim behind REMIIT is to make the institutional fund transfer secured, quick and cost effective. This is the reason why they have implemented the decentralized technology and used the best in class, advanced methods for the transactions. REMIIT charges very nominal fee for the international transactions and as it implements the blockchain technology the entire process is faster and transparent. All the participants will be provided with enough rights on each and every transaction that they make.

There are three main components that are involved in this REMIIT ecosystem which makes the international transactions easy and reliable – REMIIT Smart Contract, REMI-REMD 2-Tier Token system, Expansion to REMIIT RPGP.

REMIIT Smart Contract

REMIIT smart contract or simply RSC helps in transparent and reliable financial transactions. It provides escrow functionality for the businesses to make sure that the amount is secured. The participants whoever participate in the transaction will have the right to check the entire transaction information and can also communicate with the other participants in that particular transaction. RSC will help in building the trust between the participants. This RSC is designed for the B2B customers in order to make the transactions more easy and reliable. RSC helps the companies to create more connections and enter into the partnership with other companies overseas.

REMI-REMD 2-Tier Token System

This is the second and most important component in the REMIIT ecosystem. The most common problem regarding the international transactions is the fluctuations in the exchange rate. The exchange rate keeps on changing and even the cryptocurrency depends upon these fluctuations. These fluctuations are named as Crypto Paradox. The 2-Tier token system in REMIIT involves two currencies- REMI and REMD.

The REMI is the external cryptocurrency whereas the REMD is the internal cryptocurrency. REMD acts as a buffer and both REMI as well as REMD helps in making the ecosystem stable irrespective of the external fluctuations. The REMI is issued to the public whereas the REMD is the core of ecosystem. Any participant who want to transfer the amount should get REMD by trading it with REMI using the algorithm that has been created for exchanging purpose. The REMD and REMI are exchanged for the first agreed price irrespective of any changes in the money exchange.

Expansion to REMIIT RPGP

RPGP stands for REMIIT Payment Gateway Protocol. This acts as payment protocol for the businesses and helps in linking the different branches of a company financially when they are linked to RSC. This means that the companies wh The international payments among the institution are made easy through RPGP. The payments are made easier by adopting the latest blockchain technology which eliminates all the hassle of delaying the payment or charging extra fees for the transaction.

REMIIT decentralized ecosystem is more secure than the centralized platforms and the global remittances are affected because of decentralized platform in a good way. There are many benefits because of this decentralized platform and it gives an opportunity for the companies to expand their businesses to other countries without worrying about the financial transactions. It is a reliable platform where everything is followed in a systematic manner.   

In a centralized platform the entire decision making is done by a superior authority which means each and every transaction that has been made financially will be validated by an authority and it is a time consuming process but when it comes to the decentralized platform there is no need of validating a particular transaction and the amount can be remitted to the opposite person account directly. This is the reason why decentralized platform is more efficient when compared to the centralized one.

Media Contact:

Name : REMIIT

Official Email Id : [email protected]

Website : https://remiit.io

Linkedin : https://www.linkedin.com/company/wehado/

The post A Decentralized and secure ecosystem for institutional fund transfer across the world is changing global remittances for good appeared first on ZyCrypto.

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