A mind-blowing blockchain project is underway — read more!
As international interest in digital assets continues to grow, a wide range of projects are beginning to emerge that explore the potential for blockchain technology to solve real-world problems.
With applications in fields as varied as supply-chain management, healthcare, and IoT devices, it is easy to forget that blockchain originated as a tool to facilitate financial control for individuals. Bitcoin made it possible for individuals anywhere in the world to transact securely, across borders, at a significantly lower cost than traditional methods, and independent of access to the banking system.
While it is exciting to see wider applications for blockchain to take hold, it’s also true that problems of financial access and flexibility continue to persist throughout many parts of the world. In Asia, the Noah Project is confronting these challenges head-on. Operated via the non-profit Noah Foundation, the Noah Project leverages blockchain technology to foster economic growth and target issues of social disparity, offering particular solutions for migrant workers.
One aspect of the Noah Project involves the issuance of its own digital ERC-20 token, Noah Coin. Part of a financial technology infrastructure to facilitate the exchange of foreign currencies in Asia, Noah Coin has particular implications as a solution for remittances, designed to empower a growing class of Overseas Workers.
An example would be the Philippines, currently,over 10 million Filipino contract workers are employed overseas. Representing a market of over three trillion yen, these overseas workers often desire to send money back home to support their families. They currently face acute challenges related to currency exchange. To send P10,000 back home from Japan, workers are charged fees of roughly 10% when using traditional money transfer options.
Noah Coin’s Remit solution can reduce this cost to only 2–3%. Noah Coin offers a solution that streamlines the exchange process, reduces fees, and allows workers to send financial support to their families quickly and securely through the blockchain.
The long-term vision for the Noah Project has wide-reaching applications, including an ongoing collaboration with Horizon Manila. Located on Manila Bay, Horizon Manila represents a major reclamation effort spearheaded by several financial conglomerates and corporations. Horizon Manila aims to stimulate the local economy by bringing a range of hotels, shopping centers, and other enterprises to the area.
The Noah Project is collaborating with Horizon Manila to introduce Noah City into the larger blueprint for urban renewal. Noah City will represent a fintech hub, in which Noah Coin will serve as a local infrastructure token.
The Noah Project represents an innovative approach to using blockchain technology to solve real-world problems affecting local populations and communities. Emphasizing a commitment to issues of economic and social disparity, the Noah Project offers actionable solutions to underserved markets.
