A Crypto Economy Beneficial To Everyone

cryptrex (46)in #cryptocurrency • 6 years ago (edited)

There is no ending to the prospect of blockchain technology, it’s application into various fields keep increasing by the day. In traditional financial institutions for exmaple, they are a lot of barriers that limit the full inclusion of individuals and businesses. Many intermediaries are involved at various stages, as a result transactions take a lot of time and customers end up incurring huge transaction fees. The application of blockchain technology in the fintech industry has been able to remove these intermediaries, increased transparency, transaction speed, security, lowered transaction fees and much more in the process. In business development trust is very essential and the blockchain technology has been able to increase trust through the use of smart contracts that enforce rules. This has also led to the elimination of the need and reliance on intermediaries for different functions, business processes are now more effective as a result. Smart contracts now make decision making faster, costs are reduced, redundancies eliminated.

A Crypto-Ready Society

TraXion is a blockchain based platform that is aimed at providing banking solutions in a blockchain environment that will be able eliminate the shortcomings of traditional financial institutions. For businesses, TraXion provides enterprise solution using the Hyperledger Fabric Blockchain to enforce data integrity, accountability, transparency and trust. On the TraXion platform, smart contract enforces rules and as a result an unprecedented level of trust is achieved that business owners, individuals can rely on. The TraXion platform is a permissioned exchange of assets between different parties, access to data is only shared between members who have permission to view such data making sure data integrity in preserved. The TraXion smart contract will provide enterprise grade workflow control.

TraXion understands that poverty is a global problem and this group remain unbanked, in order to reduce poverty rate financial inclusion is paramount. TraXion aims to deliver financial services and aid monitoring using the blockchain technology in order to make sure that accountability and transparency is maintained. By increasing transaction speed, reducing costs and removing beucracy, TraXion will encourage more people to give aids to the poor. Apart from the unbanked, TraXion is also providing extensive financial solutions to the Banked. The payment platform will enable consumers and merchants to send and receive payments with a lot of payment options to choose from. Through the HyperTraxion wallet, non profit organizations will be able to track and manage the donations they receive. The wallet will also hold the funds of individual users on the platform and the incentives they receive for using the TraXion platform to pay, remit or make donations. Healthcare and insurance services, crypto trading and peer to peer lending will also be integrated in the platform. There is a use case for everyone, every industry’s financial needs will be catered for on the Traxion platform thereby increasing inclusion.

Conclusion

By eliminating inclusion barriers in financial institutions, TraXion will be able to provide a secure and an easy to use payment and banking architecture providing an unprecedented financial service both to the banked and the unbanked.