In his 2014 TEDx talk, Economist Dilip Ratha dubbed remittances as “dollars wrapped with care.” For migrants around the world, sending their hard-earned money home means sending their kids to a good university or paying for their parents’ medical fees. The remittance industry is anything but slowing down, with global remittances expected to grow to 616 billion USD this year from 601 billion USD in 2016.

Due to the expensive, complex and time-consuming processes of cross-border payments, tech companies in the industry are creating solutions to address this. Companies in the industry, like Bitspark, Bitpesa, and Alipay, are creating solutions to address this.

Reducing costs means savings for migrant workers — savings that can be sent home. According to an analysis by Bankingtech.com, a 5% reduction in processing fees for cross-border payments will result in $16 billion in annual savings. With the help of TraXionPay and blockchain-based TraXionWallet, migrant workers like Manny, a seafarer whose daughter is about to graduate high school and needs money for college, will be able send more money to his family rather than losing it to the system.

As the pundits would say, blockchain will change our lives forever. How this will unfold in reality is still unclear, but as startups and companies find more ways to improve their solutions with blockchain, the fog may clear sooner than we think. What is known for now is that blockchain has the potential to improve other digital technologies. With this in mind, TraXion is not only working on improving its existing solutions with blockchain. We’re also bringing all of these into one seamless ecosystem, accessible to fresh graduates like Hanna, parents like Leo and Maria, and seafarers like Manny.

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