The arrangement of a private Blockchain system may even still further (in comparison with a public Blockchain one) lower the remittance fees within the network 24 It is proposed to organize a private Blockchain system as follows: the virtual Bank4YOU Group’s divisions (private nodes) will serve as nodes for transaction verification within the consortium of Organizations participating in the system of international payment transfers. They will provide fast and cheap validation of transactions made by other network members. It is assumed that as the popularity of the system grows, mobile operators will have an economic incentive for placing the peer-to-peer nodes of the system in their data centers. This can significantly reduce the transaction costs associated with money circulation.
In order for participating peers to be convinced of the unfalsifiable nature of the data inside the private Blockchain system, it is proposed to record reference points into the public Blockchain systems (Bitcoin, Ethereum). Any member of the system will therefore be able to verify at any time the data stored in the system. A private Blockchain system makes it possible to renounce the deployment of an expensive IT infrastructure for financial transfers while ensuring the necessary level of trust between the consortium entities