A trust model for remittance over a blockchain Online publication date: Tue, 18-Jan-2022
by Thomas Maketa Lutete; Kaiwan Zhang; Alain April; Aamir Shahzad
International Journal of Blockchains and Cryptocurrencies (IJBC), Vol. 2, No. 4, 2021
Abstract: Remittance is a global service used to transfer money to family and friends. Throughout the world, many companies offer remittance service to families who depend on it for their livelihood. However, the current service of remittance, as provided by remittance companies across the world, assume that the recipient will use the remitted funds for the purpose intended by the sender, such as paying for school fees, medical procedures or groceries. Thus, the current model stops handling the remittance transaction as soon as the beneficiary collects the money. The current service of remittance model does not enforce correct usage of the remittance's funds. This paper proposes a new blockchain and smart contract based remittance trust model that fully considers all the steps, and the stakeholders, necessary to ensure correctness of a remittance transaction: sending the money, acquiring a service, paying a service or refunding the money.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Blockchains and Cryptocurrencies (IJBC):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com
Our Blog 
Follow us on Twitter 
Visit us on Facebook