How does BREMIT Work?
BREMIT is blockchain based decentralized remittance platform promote fast, transparent and secure money transfer without border through peer to peer network. We aim to provide exclusive benefit to our members of network engaged on money transfer.
As we claim our self truly decentralized and peer to peer network, we have designed the system in such a way to preserves it’s core value.
To understand it, First you need to understand how the traditional banking system work for remittance:
- If someone from United States want to send the money to his/her family in India.
- The person has to go to bank and give the details of receiver and ask to transfer.
- The Bank itself might not has the connection to Bank in India, so it will connect to another network bank who can bridge to India
- Connecting Bank in India, will again contact to bank of receipt and transfer it.
- The Family has to go with identity card to receive the money on banking hour.
This shows there are lots of parties involved in between the transaction, which make the transaction cost high
This indicate it required lots of time to take the whole transaction happened.
This shows you don’t have the control on your money and has to prove yourself with specific document to get your money.
Now Let’s explore how BREMIT works?
The interconnection between nodes is done by blockchain, so there is no middle layer to create the bridge between users.
Step 1: User from origin request for Money Transfer.
Step 2: Node will accept the request and process it to Blockchain.
Step 3: The Blockchain will send the request to another node of the destination.
Step 4: Node accepts the request from Blockchain and delivers it to the user to a destination.
Complete process looks like this: