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Disrupting International Remittance


Kartic Rakhra

July 29 · Issue #3 · View online

A weekly roundup of everything Blockchain & Crypto Currency curated with a lot of sarcasm, memes and gifs

Hola, amigos!
A week really does pass by quickly. Since the last issue, we went ahead and launched an updated version of the India Blockchain Week website and revealed some of the speakers. 

Why don't you... check out the website?
Why don't you... check out the website?
Can you please get to the main topic already?
Man, no patience, huh? 
All right, then. Let’s talk about International remittance and Stellar - a platform that connects banks, payments systems, and people.
Disclaimer - that description is straight out of their homepage.
The International remittance market has multiple players, right from Western Union to Money Gram to TransferWise to Banks themselves.
This is how a traditional International transfer happened for the longest time:
You see that?! Every step of the way, there is a ‘processing fee’ and a ‘processing time’ involved. Inefficient and Expensive.
Then TransferWise came along and did this (you may need to zoom in; couldn’t find a better image):
This, ladies and gentlemen, is what us Indians call the Hawala system. It’s how rural folk have been transferring money domestically since ages. It’s also banned by the government. Mostly because it’s unregulated and scattered.
“OK, but how does Blockchain come into play here?”
Umm, have you already forgotten about Stellar? I mentioned them just a while back, you know.
Stellar is a Blockchained based payments network. What that means is it can act as the infrastructure for remittances throughout the world.
All it needs is a 3rd party to create the right type of service for individuals or businesses and plug themselves into its network.
“Impressive. How much does it cost?”
That’s the awesome part. Stellar is non-profit. It’s backed by Stripe and has people like Naval Ravikant and Sam Altman (if you don’t know them, Google them, pretty amazing folks) on its board.  
The cost of transaction on the network is less than a cent. And the more awesome part is the fact that it clears transactions within 3-5 seconds!
Compare that to the 3-5 days that even companies like TransferWise take.
Yea. That’s the reaction I had when I started reading up about them. You wanna know something interesting? ICICI Bank is already a partner of Stellar, as of December 2016. Not sure how and when they are going to implement it in production, but sure sounds exciting!
Want to learn more about Stellar? Go for it.
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