According to the World Bank remittance flows to developed countries were $429 billion in 2016. This was higher than the amount that was sent to these countries in official development assistance.
The World Bank has also calculated that the average cost of remittance is 7.21%. Based on the figure of $429 billion, that means that almost $31 billion was spent on fees in 2016.
The people who are sending money to developing countries are often least able to afford paying such high fees. Blockchain technology offers one of the best potential solutions to this problem. Blockchain transactions can occur almost instantly with no distinction for where in the world the funds are sent. Making these payments only costs a fraction of what it would cost using traditional money transfer methods.
To say the least the blockchain could be a game changer for people who are sending money back to their home countries.
Worldcore is a next generation money transfer network which is taking the ability of the blockchain to transform remittances to the next level.
Worldcore’s technology not only enables anyone to send funds instantly anywhere in the world, it doesn’t even require that the person is connected to the internet or has a cryptocurrency wallet. Even better the process is completely anonymous and depersonalised. This could be a huge boon for senders who want to avoid government regimes which restrict or tax these remittances.
How Worldcore Works
To send payments using Worldcore the user simply needs to visit a Worldcore money transfer office. There they make a deposit in cash. When they do this a smart contract initiates the creation of a digital asset to the value of the funds that have been created. At the same time a hash code is created. This hash code will then serve as proof of ownership to that asset. Anyone who has the hash code will be able to “unlock” the digital asset and access the funds.
To send the fund the user simply needs to send the hash code to the recipient in the other country. Once they have the hash code they can visit their local Worldcore money transfer office, present the code, and immediately be provided with the funds.
This process happens nearly immediately which means that the receiver doesn’t have to wait days or weeks to receive their funds. Another nice feature of this process is that it doesn’t require any documentation to either send or receive the funds. This removes another inconvenient impediment to moving funds abroad.
Funds can even be sent to more than one person at a time. This can be done by creating multiple hash codes. When the funds are to be collected all of the receivers need to present their individual hash codes. This prevents one of the receivers from unfairly gaining access to the funds by themselves.
Worldcore can be used to store digital assets as well. The funds will stay in place until they are unlocked with the hash code. This means it provides a convenient and secure way to store funds or move them across borders. This hash code can be written down or put on a USB. When the person has crossed the border they will be able to reclaim their digital assets.
Worldcore WRC tokens are being distributed to the public as part of a token sale. One billion tokens are being distributed as part of this token sale. You can learn more about the token sale below: