SureRemit is an ecosystem for Global non-remittance powered by the block chain technology. The platform connects the senders directly with the merchants that provide goods and services needed by the recipients back at home. This technology helps immigrants by easening their remittances by the use of SureRemit token (RMT) which is a utility token network build on Stellar network.
POSITIVE VALUES
Incurred cost: The application of these token reduces the cost of remittance as it requires no intermediaries as compared to the money banks and traditional money transfer that used to remit at exorbitant rates.
Adequate security: The system of block chain technology has publicly verifiable records that can be used to confirm the vouchers purchased or the bills paid are recorded within the system. This ensures that the Digital Voucher purchased by the senders are redeemed for the purchased for what they were purchased for. The investment therefore ensures accountability.
Transparency: The system promotes transparency in business transactions across the world as the recipients receive the digital shopping vouchers on their mobile phones via Sms or e-mail which are accepted by the merchants on the payment of the goods and services used in the fulfillment of their basic needs.
Easy accessibility: The use of block chain technology helps in achieving cheap remittance across the World .The remit coin is the currency that can be used to acquire shopping vouchers which can be purchased with fiat or other currencies.
NEGATIVE VALUES
Reduced sensitivity of other currencies: The use of crypto currencies and block chain technology eliminates traditional models hence developing a closed economy. The network and the token can only grow at its own pace depending on the utilization of the platform by the users in satisfaction of their common needs.
RECOMMENDATIONS
The increased rate of immigrants across the World has led to increased demand of remittance. The use of RMT token exchanging for the non-cash remittance between the sender and the merchant partners in the network have their incentives aligned improving the utility, liquidity and efficiency within the network. The ease of remittance as a result of this investment helps in stabilizing the household income making the project viable.
