The Disruption that is Blockchain Technology on Remittance Payments for Florida’s Seasonal Farm Labor
Extension Education
Christopher Prevatt
State Specialized Agent
UF/IFAS
Ona
Abstract
In 2021, the UF/IFAS Blockchain Project began examining the underlying technology that blockchains provide, as well as assessing their prospective impact on society. One use case our team wanted to further evaluate was the potential to reduce remittance fees and provide a digital bank for Florida’s migrant farm workers. Florida has over 175,000 seasonal farm workers from the Caribbean and Latin America. While in Florida it is estimated that over $500 million is sent in remittance payments to their families each year. Traditionally, these payments are slow, incur high fees, and safety can be a concern on the receiving end. During 2021, our project estimates that seasonal workers incurred over $27 million in fees when sending remittance payments. Enter new blockchain technologies that allow users with only a smartphone to their name to set up their own digital bank and send money instantly all around the world, at almost no cost. Thus, these individuals are on the cusp of collaboratively saving $26 million in fees over the next several years by adopting new blockchain technology. In early 2022, an effort began to educate farm employees and employers on the ability to send instant low-fee cross boarder remittance payments. Over the course of five Extension programs twenty-two individuals downloaded and adopted their first wallet and can now send cross-border payments instantly anywhere in the world at almost no cost. The average economic impact for the adoption of a new wallet was estimated to be $154 per wallet. Therefore, we estimate to have saved adopters $3,394 in fees thus far. Blockchain technology is and will continue to bank the unbanked and disrupt remittance payments all over the world.
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Authors: Christopher Prevatt, James Yarborough, Caitlin Bainum
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Prevatt, C. State Specialized Agent, University of Florida, Florida, 33865
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Yarborough, J. County Extension Agent, University of Florida - Orange and Seminole County, Florida, 32812
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Bainum, C. County Extension Agent, University of Florida - Marion County, Florida, 34470