Optimal Blockchain-based Cryptocurrency Selection for Remittance Transaction: An MCDM Approach

As blockchain technology becomes trendy in different industries, its application in banking industry is of utmost importance too. Banks in different countries attempt to utilize this technology in wide variety of banking functions. By considering that there are millions of migrants living in far distance than their own countries. The regularly send money to their families. However, current banking and money transfer services are costly and timely, which particularly affects those who send low amount of money in weekly or monthly basis. Blockchain technology with a particular emphasis on the development of cryptocurrencies related to remittance transactions become a solution for both banks and people. This research uses MCDM with an inclusion of AHP and TOPSIS methods to select the most ideal cryptocurrency to solve the remittance transaction problem. Based on the three criteria, namely underlying technology, recognition, and external impact (cost), it is found that Ripple (XRP) is considered the most optimal cryptocurrency by experts who are knowledgeable in both conventional banking process and blockchain technology. Sensitivity analysis is also performed to ensure the validity of the finding, and Ripple (XRP) remains the optimal cryptocurrency in remittance transaction.