Reinventing Global Payment Processing for Migrant Remittances, Microenterprise Funding Infusions and Nationwide Direct Benefit Transfers (DBTs)

ideas4action@wharton.upenn.edu Europe, IdeaHub, Infrastructure & Economic Development

Using Blockchain technology1, the backbone of cryptocurrencies such as Bitcoin, Dogecoin, and Ethereum, we propose a decentralized┬ápayment processing system that is currency-agnostic and is capable of scalable, robust and publicly verifiable transfers. We propose the implementation of this system for international remittances by migrants3, DBTs and nationwide subsidy schemes, and in the microfinance-associated-funding at grassroots levels. The efficiency offered by …