TRAXION: Banking Made Easy


Cryptocurrencies are constantly evolving, with popular currencies such as Bitcoin and Ethereum maintaining their popularity despite recent market corrections.
At the core of both technologies is the cryptographically secure digital ledger known as the blockchain. It’s digital ledger where cryptocurrency transactions are recorded chronologically and publicly. 

Indeed, as the popularity of cryptocurrencies has grown, so has the banking industry’s interest in blockchain for fintech, with an increased and focused push on bank-backed blockchain projects.

But Currently..

Banks transact with each other by creating agreements, as one would when purchasing an item from a store. A common example would be a bank agreeing to purchase a specific amount of stock for a specific cash price from another. This process is often cumbersome and slow, takes up to several days and incurs the risk that one party may default or renege on the agreement. 

This period of time, known as settlement, is such an issue that Oliver Wyman report identified it as costing the financial industry anywhere from $65-80 billion a year.
Blockchain projects have the potential to reduce, and possibly eliminate, settlement times due to their digital nature, ensuring the timely and secure processing of these operations.

Other uses for bank-backed blockchain projects would include secured global currency exchange rate speeds and increased transaction security, among other benefits, eventually allowing for an overhaul of the banking industry, replacing traditional back-office clearinghouses and other outdated mediums that exist between asset sellers and buyers.

Introducing Traxion

Traxion plans to be a better bank in a blockchain driven environment, enabling its community to load, send, save, spend, lend, borrow, and more using a secure, simplified yet compliant application.

It is an ecosystem where profit oriented and non-profit oriented sectors converge for better cooperation in eradicating corruption and its impact on social activities.

Many start-ups pay attention to just an aspect ignoring the advantages inherent in the economies of scale. The Traxion  platform plans to offer traditional financial products in a blockchain-driven environment, eventually becoming the crypto-economy for payments, peer-to-peer lending, remittances, savings, insurance, investments, and philanthropy.

The team at Traxion is building a crypto-economy that will last and that is why the interest is focused on the scale, elimination of middlemen, and decentralizing legacy systems.  The question then is how do achieve this?

 The platform will offer white-label platforms across the globe and connect them in a distributed, permissioned and secure blockchain. It will be used by banks, operators and agencies in key areas to process in different fiat currencies without the need for counterparties while also enabling all players donate to causes this blockchain trusts.

The idea here is bridging the gap between the existing financial and emerging non-user-friendly technologies by presenting a secure and simple way to use payments and banking infrastructure that aims to lower financial services to the banked and unbanked. Through the planned integration with master card service provider, they will build the wallet that enables users to store or transfer money to any card in the world. The sender and the receiver transact in the local cryptocurrencies or blockchain technology behind.

Traxion/IBM’s Hyperledger Fabric

The IBM-backed Hyperledger Fabric project is a trade finance platform aimed at international payments utilizing blockchain, with seven of its largest supporters including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, societe Generale and Unicredit.

This project is designed to be highly scalable, allowing for multiple entrants to easily integrate into the entire financial supply chain process through the secure blockchain, allowing for an unprecedented amount of transaction transparency.

Using the latest IBM Hyperledger Fabric technology, the team provides a seamless integration and connectivity among networks, businesses and people.

Usefull Links:            Website | whitepaper

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