Blockchain technology is taking over traditional technologies in one industry at a time. Financial experts even predicted that traditional banking will cease to operate in 10-15 years. This is where TraXion comes in.
Traxion can “provide seamless integration and connectivity among networks, businesses, and people” according to its website.
It uses Hyperledger Fabric Technology that has the ability to have the network permissioned and its transactions public or confidential. It is unlike bitcoin’s blockchain network that is only public. Another great thing about the technology that runs TraXion is its speed. TraXion can handle up to 100,000 transactions per second (TPS).
Currently, TraXion has three interfaces:
- TraXionWallet – has the ability to save, invest, pay, load, and lend.
- TraXionChain – blockchain-based solution for the supply chain management.
- TraXionContract – applies smart contracts for good governance and integrity of information.
TraXion ICO started on May 1, 2018. Each TXN (TraXion Token) is worth 0.001 ETH as of April 1, 2018.
- Check the official website here: https://www.traxion.tech/
TraXion and Seacoop
TraXion and the Seamanpreneurs Consumer Cooperative (Seacoop) signed an agreement for Seacoop to adopt Traxion’s blockchain.
The agreement was signed during the Seafarers & OFW Business Expo 2018 at the SMX Convention Center in Pasay City. It indicates that TraXion will provide TraXionWallet to facilitate Seacoop’s more than 1 million members in terms of membership payments, investments, insurance, and remittances.
“It’s a wallet, but with a banking product, enabling them to save, invest, pay, load and lend. They can purchase traxion tokens or even use the local currency to be able to transact,” – Ms. Ann Cuisia, CEO, TraXion
Ms. Cuisia added that the TraXionWallet can also cut transaction fees significantly lower from 10% to 3%. It can even go as low as 1%. Aside from that, she said that Seacoop members can also get discounts on premiums whenever they use TraXion tokens.
TraXion is headquartered in Ireland and has branches in the Philippines and India. It is powered by Pluma Technologies Ltd.
Seacoop was founded by non-stock, non-profit Seaman Entrepreneurs and Advocacy Center. Its aim is to educate Filipino seafarers, OFWs, and their families on how to handle their finance, create their own businesses, and to also support their entrepreneurial projects.