BRMT token is a cryptography-based digital coin and intended to be introduced to the market to serve as a fully functional currency to facilitate the cross border money transfer which can act as an alternative to cash and traditional banking payment systems. BRMT token is developed on Binance Smart Chain.
Traditional methods involve lots of in between bank and brokers to succeed the transaction from start to finish. For example, if a Moroccan immigrant residing in France wanted to send money back to their family through a bank transfer, their payment process would go through seven intermediaries that link the sender and the receiver: The sender bank, sender’s payment system, correspondent bank, foreign exchange, another correspondent bank, the receiver’s payment system, and the receiver bank.Each of these intermediaries takes a cut of the transaction fee and increases the final amount that the sender/receiver ends up paying. Blockchain is set to remove some of the unnecessary intermediaries that take part in the traditional money transfer process.
There are lots of restrictions and complainant's hurdles which promote the monopoly market and stop innovating new ideas. Blockchain technology opens up those restrictions and creates an environment to kickoff.
Due to the growth of mobile penetration in developing countries, payments using blockchain-based mobile wallets have become a real possibility. The traditional system adopted by banks are not able to reach and include large no of people, they are currently turned into unsecure alternative remittance service like hundi/hawala.
While blockchain is a disruptive technology, its goal isn’t to necessarily kill its competition but rather to supplement it and renovate the infrastructure that banks and Money Transfer Operators rely on.
The Concept of proof of stake is applicable on remittance to motivate the remit agents and make them more competitive to service the customer.