6 things we’re improving with blockchain (part 2 of 2)
When it comes to blockchain technology, cryptocurrencies and token sales are usually what comes to mind. Last year, blockchain startups successfully raised 5.6 billion USD through token sales. While blockchain’s fundraising power continues to generate media buzz, these startups and industry players are leveraging blockchain solutions to improve people’s lives.
While most companies develop their blockchain-based infrastructure from the ground up, it’s important to note that TraXion isn’t starting from square one. With a range of ventures under its belt covering six areas from healthcare to remittances, TraXion aims to bring these existing solutions onto the blockchain, raising the accessibility of these services for their customers. We tackled three of these services in the first post of this two-part series (healthcare, donations and insurance) and now we’ll be covering three more.
4. Financial Planning
Well-informed financial advisors and trusted products are highly sought after. However, getting access to the right ones is costly and difficult. And advisors often find that handling clients involves a lot of tedious paperwork and processes.
With both sides of the financial planning industry on the losing end, blockchain technology offers a secure space where hassle-free client-advisor interactions can take place. Big tech players like Samsung have caught on to this potential, with SDS launching the “Nexfinance” application platform last month in Korea. The platform, served through financial service providers, enables users to have better control of their financial decisions.
With TraXion’s Parachure already making financial advisers and products accessible online, having it on the blockchain will enable fresh graduates like Hanna to secure her financial future as she leaves her hometown to live in the city. She will be able to register her information onto the system and connect more easily to the right financial advisors and products.
5. Payments
Financial services lead the projected $2.1 billion USD blockchain spending this year, with payments being one of fintech’s most basic use cases. In an industry fragmented by complex systems, blockchain has the potential to widen the payment options for customers without compromising on their privacy and security.
Payment tech companies are getting in on the action, with blockchain powering Visa’s B2B Connect payment platform. Last year’s integration has gotten banks from around the world buying into Visa’s platform. Even credit card company American Express is integrating blockchain into their system. Other companies like Ripple have had a blockchain-powered global payment solution since inception.
Leo and Maria are young parents in their 20s raising two kids. They’ve spent a lot of time navigating payments processes — time they could spend with their kids. With TraXionPay’s lineup of payments options and parents, they are able to manage their bills and other transactions, saving them more time with their kids out in the mall or at home to watch the World Cup.
6. Remittances
In his 2014 TEDx talk, Economist Dilip Ratha dubbed remittances as “dollars wrapped with care.” For migrants around the world, sending their hard-earned money home means sending their kids to a good university or paying for their parents’ medical fees. The remittance industry is anything but slowing down, with global remittances expected to grow to 616 billion USD this year from 601 billion USD in 2016.
Due to the expensive, complex and time-consuming processes of cross-border payments, tech companies in the industry are creating solutions to address this. Companies in the industry, like Bitspark, Bitpesa, and Alipay, are creating solutions to address this.
Reducing costs means savings for migrant workers — savings that can be sent home. According to an analysis by Bankingtech.com, a 5% reduction in processing fees for cross-border payments will result in $16 billion in annual savings. With the help of TraXionPay and blockchain-based TraXionWallet, migrant workers like Manny, a seafarer whose daughter is about to graduate high school and needs money for college, will be able send more money to his family rather than losing it to the system.
As the pundits would say, blockchain will change our lives forever. How this will unfold in reality is still unclear, but as startups and companies find more ways to improve their solutions with blockchain, the fog may clear sooner than we think. What is known for now is that blockchain has the potential to improve other digital technologies. With this in mind, TraXion is not only working on improving its existing solutions with blockchain. We’re also bringing all of these into one seamless ecosystem, accessible to fresh graduates like Hanna, parents like Leo and Maria, and seafarers like Manny.
To learn more about our ongoing token sale you can check traxion.tech and keep track of our weekly updates on Facebook and Twitter.
