This was the part of Wirecard hackathon 2019. Detail can be found at this link. I am putting it here to leverage it to wider audience as part of Open Source Community.
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Current payment infrastructure happens via two methods.
- Through Banks: Banks does cross border payment on decade old infrastructure.
- Mastercard/Visa and few central companies They have legacy and monopoly in payment industry which is highly defense industry in itself.
Using DLT and smart contract Wirecard can reduce the cost along with that automate the whole process. This will promote the cashless transfer of money movement with proper auditing.
Wirecard will have their one common relayer built on blockchain and seperate exchange p2p platform for each country.
Let’s consider the case for two countries Indonesia and Germany. There are lots of aspiring students who have to transfer Indonesian local money to Germany (Euro) for their studies. And on the other hand, there are lots of Indonesian people working in…
