Cross boarder remittances has been a very serious and complicated problem for some many years.Paypal, Western Union, and Money gram are the conventional System while(XRP) happened to be one among the World renowned Decentralized remittance Network.Despite the efforts applied by both Centralized and decentralized money transfer service provider, the expected performances of these industries still never meet up. There are still some certain loopholes which needs to be filled. This is why Alchemy has emerged to fix all the existing loopholes and simply the process of cross-border remittances. Alchemy has emerged to tackle and resolve the prevalent problems in the remittance industry such as excessive transfer fees and Abnormal manipulations in the system.We shall critically examine the operations of Alchemy and see how it plans to launch a fully scale decentralized remittance system across the Globe and eliminate the existing barriers in the system.
Alchemy is an high ranked Cryptocurrency Payment network and technology provider in Asia. It powers both online and offline merchants with secure, fast, and convenient Crypto fiat payment solution. It offers a wide range of Payment solution which facilitates acceptance of fiat and Cryptocurrency payment in a competitive and real time settlement.
PROBLEMS AND SOLUTION
Large Scale Commercial Application:Alchemy has created an infrastructure which will broaden the use of Blockchain and the decentralized payment networks. These are achieved through large-scale commercial payment tools like PULLPAY AND PUSHPAY payment networks. In addition, these payment networks offer subscription and targeted payment just like they offer multiple-account system.
REAL TIME TRANSACTIONS: inadequate transaction speed is a common problem associated to the majority of our remittance system.Most of the time with the likes of Western Union, Money gram, and PayPal, it takes some delays to deliver funds to the recipients. The Lightning network will be implemented by Alchemy Payment Network to correct the problem of delayed transaction. The integration of lighting network will facilitate the process of transferring funds globally through the existing electronic payment.
REDUCED OPERATING COST The Scalability in Centralized payment system is limited, higher cost of operation also contribute to high fees paid by the users. All these shortcomings, Alchemy has got it covered. All necessary measures have been taken to reduce their operating cost which includes implementing credit scores to determine the financial strength of the users, transaction clearances in good time, and implementing anti-fraud mechanism to eliminate potential fraudulent transactions.Other strategy of cutting the cost down includes dispute arbitration and risk control. This strategy will reduce cost and improve efficiency.
MAINSTREAM ADOPTION: Alchemy also strife towards bringing cryptocurrencies to the global audience and facilitating the mainstream adoption.One of the limitation of Cryptocurrency as we all know is mass adoption. Some people never heard about cryptocurrency while some have heard about it but does not know how it works.Alchemy Decentralize remittance platform will strive towards allowing Cryptocurrencies gaining real world approval. Some of the working infrastructures includes delegation of
network for a series of application in the online community through API / SDK/ PLUGIN.Integration of lightning network to facilitate transaction speed in their smart Point of Sale (POS) devices.
Alchemy has chosen to play a very crucial role in Crypto industry, their service is not limited to cross boarder remittance in only crypto.They render fiat money transfer services in a decentralized system.I do believe Rome wasn't built in a day. Western Union, Money gram transfer system, and their likes started from somewhere. Alchemy project deserves much attention and support because it has huge potential of success.Be part of the success journey.
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