TRAXION – The End and/or Future of Banking?

in Upcoming ICOs by

Traxion Tech Review

Ten years after the financial crash of 2008, and we are still facilitating the same financial system that led to the crash – and the crashes before it.

But now financial experts have predicted that the banking system as we know it will not be around in 10-15 years.

The emergence of blockchain technology has made it all too apparent that change is on the way.

The banks, with their current legacy systems, will either have to adapt or give way to the rapidly growing crypto-economy.

At least that’s what some believe.

Many ICO projects are aiming to help make the transition from the current economic system based on fiat money to a new economic system based on digital currency.

So what could the future economy look like? The team behind TraXion seem to have the answer.

What is TraXion?

The team behind the project recognise the potential of blockchain technology to decentralise a number of services, including banking.

Traxion is an ecosystem that consists of three components: TraxionWallet, TraxionChain, and TraxionContract. Each will form part of what the team calls a user’s digital financial infrastructure.

The first one is TraxionWallet, which will function like your current banking app, except that it can do much more. Not only will you be able to transfer money with it, but it will be like going down to the actual bank. You can use it to lend and borrow as well.

Business users will be able to take advantage of the TractionChain, which is an inter-business blockchain for tracking their results. This way, business professionals will be provided with another tool for measuring their commercial progress.

Finally, TraxionContract is the component that applies smart contract technology to ensure safety and reduce corruption. Similar to many other ICOs who make use of smart contracts, TraxionContract will put control in the hands of professionals.

TraXion will be using the latest IBM Hyperledger Fabric technology to create what they call a “permission-based distributed ledger.”

What is the aim?

There are three key aims of the TreaXion project that interested parties should be aware of.

The first one is to ensure that merchants and customers can send and receive payments seamlessly. This will solve the issues of customers not being able to make a payment unless they know the merchants bank account details. With TraXion, they can simply scan a QR code and make a mobile payment.

The second aim is to end poverty. This may sound like a very ambitious aim, but the team is aware that ending poverty requires a holistic solution. However, they point out, blockchain may be part of that solution. By creating an affordable financial platform, TraXion aims to put developing countries on an equal footing with the OECD.

The third aim is to make aid transparent. The team highlights how charities will be able to benefit from smart contracts in order to reduce corruption. But not only charities will be able to make use of this technology. Any donation make to anyone will be able to be verified for extra security by the use of smart contracts.

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