Blockchain may be coming to the Philippines thanks to TraXion. According to Davaotoday.com, a local news outlet in Mindanao, the company seeks to implement the technology by connecting large companies to micro-entrepreneurs.
TraXion is a transaction management company that specialises in blockchain technology. The company hopes to enable the people of the island of Mindanao to receive their salary securely using electronic wallets.
Serving the underserved
Ann Cuisia, TraXion CEO, believes the project will help lift the livelihood of residents to a new level. The project will join producers and consumers into one economic force.
She says, “Imagine underserved being able to experience inclusiveness in terms of financial services. Imagine farmers accessing fair-pricing without middlemen, the profitability would be different. The type of livelihood would be elevated. Imagine the farmers becoming the first and never again the last in the chain value. This is what we can promise.”
The CEO explains that the digital wallets will enable farmers to receive their payments without having to visit a bank. The feature will substantially reduce the burden of carrying cash around in daily life. This is a welcome reprieve to the residents since most of them do not have bank accounts. Further, the technology will bring the financial service providers close to the farmers. Any farmer with a Smartphone can use the feature.
Information security
For the farmers without smartphones, the company will provide them with an identity card with bears a QR Code. The QR code will store all information pertaining to the card holder. In addition, the firm promised that the data stored on the card is secure. Organizations can only access data which the cardholder is willing to disclose.
Ann further explains that the firm will make use of the fact that blockchain is not location specific. The technology is available even at the remotest parts of the world.
At the moment, the company is working with about 600,000 sari-sari stores, a type of convenience store in the Philippines, to facilitate the blockchain usage.
