The era of information technology is now growing. From the business side, information technology opens up profitable opportunities. Of the many innovations from technology, blockchain is one that has experienced a rapid increase. Blockchain allows a transaction, no longer requires a third party or intermediary. Blockchain is simply an online global database that anyone can use and see around the world. Even stored data will not be lost, because the stored data is distributed to all users. With data distributed to all users, Blockchain is considered safer from hackers. If one server is hacked, then the server can be ignored because it is considered different from the majority of other server networks. The presence of Blockchain which eliminates "brokerage services" certainly poses a threat to businesses such as the banking industry. In its journey, the presence of Blockchain actually opened up opportunities for industries such as banks which would initially be disrupted. Banking is one of the most ambitious industries to seek opportunities from Blockchain. Now "TRAXION" has come, which is a revolution in the banking world that uses blockchain technology with all the advantages it offers. So, what is Traxion?

Introducing Traxion

As quoted from their Whitepaper; "TraXion is a platform that aims to be a better bank in a blockchain-based environment, enabling people to load, send, store, spend, lend, borrow, and more using secure, simple but compliant applications."

Traxion will try to remove intermediaries, and a decentralized legacy system that takes advantage of traditional transaction systems. Traditional systems have many weaknesses, such as the susceptibility of corruption. With Blockchain, everything becomes transparent and without going through third parties. TraXion plans to offer traditional financial products on a blockchain-based environment, eventually becoming crypto-economics for payments, peer-to-peer lending, money transfers, savings, insurance, investment and philanthropy.

The video below will briefly explain what Traxion is

Traxion is really serious about working on their project. They will use Hyperledger Fabric technology for their platform. According to consulting firm Oliver Wyman, Hyperledger Fabric is a project designed to be very measurable and allow several immigrant players. This effort is to integrate easily into the entire financial supply chain process through the Blockchain. This is an open source blockchain supported by a consortium of major technology companies such as IBM, Cisco, SAP, Intel, and Oracle. With Hyperledger Fabric Technology, this means all participants are required to be confirmed to participate and transact on the blockchain.

In addition to using Hyperledger Fabric technology, Traxion will be affiliated with banks that can link partnerships with Mastercard. This is done to facilitate Traxion token holders to transact with their digital currencies, such as Bitcoin, Ethereum, Monero, Zcash by activating P2P payments and they can access more than 130,000 ATMs in 196 countries around the world. TraXion Token holders can choose to have their wallet connected and receive their payment directly to their associated Mastercard wallet. And they can fund their cards with USD, CAD, GBP and EUR. With individual boundaries for $ 25,000 and business card solutions up to $ 500,000. In addition, Traxion will also work with IBM in terms of security factors. With IBM, Traxion will get a security guarantee that their blockchain will run without problems and avoid friction with the bank. Traxion will also support the development of e-commerce by collaborating with UnionBank to enable a seamless payment system supported by GlobalLinker micro, small and medium-sized enterprises (MSMEs) to continue to grow.

Traditional payment systems from various countries, especially developing countries will require a long time and expensive costs. If you are going to trade with a different currency, surely you will be charged an additional fee that is quite expensive. In addition, the process also takes a long time. Traxion will solve this problem by removing the intermediary system. TraXion's payment system is intended to simplify the way funds are exchanged around the world, and to reduce completion times faster. Every payment remains after recording, and settlement instructions are provided through the Hyperledger fabric Smart contract.

Products

1. TraXionWallet

Enables remittances, P2P lending and donations, along with data analytics and a rewards system. We provide white-label wallets to organizations who want to move financial assets at zero cost through tokenization of their local currencies.

2. TraXionChain

Creates customized business solutions on the blockchain for conglomerates requiring interoperability, data integrity and asset tracking within their supply chain.

3. TraXionContract

Applies smart contracts to guarantee complete transparency and integrity of information, improved performance management and reduced wastage and corruption.

Traxion turned out not only to focus on profits. They also helped many people by raising funds under Gava Technologies Inc. which empowers nonprofit organizations. GavaGives.com has more than 120 partner NGOs and has helped increase more than one million USD in 12 months. They are trying to help people in need in the Philippines. Traxion is truly an amazing platform. They are trying to build a business ecosystem that will benefit all parties. Combine cryptocurrency with nonprofit business organizations with mutual benefits for all parties and and friction of financial transactions.

If you want to know more about this Traxion, please visit some of the links that I provide below. You will find out about their ICO, who are the people behind this extraordinary project, and there are still many benefits from this platform that I have not yet had the opportunity to write in this article. Hopefully this article is useful. Thanks.

Website | Whitepaper | Github | Telegram | Medium | Facebook | Twitter | Youtube | Reddit | Linkedin

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