Blockchain companies rely on the main network to overturn the remittance industry

nRunaway Comment: Since the birth of money, continuous development and change, undergoing various forms of subversion. Cross-border payments and transactions, on the other hand, propelled the prototype of the remittance industry to maturity and faced with very complicated problems. The existence of various intermediaries has given rise to the problem of escalating remittance fees. Until the advent of bitcoin solved the problem and subverted middlemen in the industry, the issue of scalability and adoption remains a major hurdle for the industry. Relying on the current well-developed and widely accepted technology platform may be a good solution to this problem.n
nTranslation: Clovern
As a carrier of value transfer, money is a phenomenon that can only be surpassed by time itself. From one of the most primitive forms in history to one after the other, it has continuously undergone one form or another form of subversion after several stages of development until today’s electronic money service, the money market, and especially remittances.n
The technological advances that have driven the formation of cross-border payments and transactions are basic needs for remittances.n
Remittance industry existing complex issuesn
The current status of the remittance industry is very complicated, full of various types of brokers, large profit margins, and the existence of complex settlement issues. Western Union is one of the most important transfers in the world. This is a system that will allow you to receive remittances within a few minutes. However, the so-called efficient remittance model service is costly due to the presence of multiple intermediaries and related cost issues. For example, a transfer fee of $ 900 via Western Union may be as high as $ 76. Other similar traditional remittance businesses currently in the financial ecosystem face the same hurdle.n
Blockchain solutionsn
The emergence of blockchain technology has led to a series of proven and more efficient remittance solutions that have been highly acclaimed and have provided a faster, cheaper and safer method for most point-to-point remittances.n
This started with the advent of Bitcoin, the first cryptocurrency, which was initially credited almost instantaneously using bitcoin and costless until later Bitcoin suffered from block size and scalability issues. Since the birth of Bitcoin, many other blockchain products have also been created, many of which are digital currencies branded from primitive bitcoin protocols like Litecoin and DST, whereas the Ethereum blockchain Relying on its own power to provide a platform for other minority blockchain, and to build a variety of specific solutions.n
Although so much progress has been made so far, one of the major obstacles facing the industry as a whole is the limitations of communication and adoption. This is mainly due to the fact that novice technocrats who know nothing about the blockchain industry find the technology too complicated or difficult to enter into the industry.n
Start with familiar areasn
The introduction of a seamless interface based on existing and familiar technology platforms that have become an integral part of global development is the innovation that Telcoin has brought to major disruption in the remittance industry. Making remittances as easy as sending text messages via mobile technology is as easy as entering a market that has access to 5 billion people in the world. And this figure is nearly five times the total number of global bank account holders (1.2 billion).n
The Telcoin service will run on the existing backbone of the national telecommunications system. As a result, the need for technical expertise, trust, and KYC compliance is no longer so important that its coverage and adoption will not be less than the coverage and adoption of current mobile technologies.n

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