Seventy percent of Filipinos remain unbanked. These are farmers, fisherman, sari-sari store owners who mostly do not have bank accounts or any form of financial documents that would allow them to transact through legitimate channels. Hence, they fall prey to unscrupulous sharks and abusive lenders who charge ridiculously high interest rates.
This is the problem that TraXion hopes to address and the sector of society that they are determined to help.
TraXion, a full-featured financial services platform for the unbanked and underbanked is now offering a new enterprise solution that will create authenticity to any physical and digital assets such as birth certificates, bank accounts and transactions, financial records, insurance policies, stock certificates, and land titles among other things.
TraXion Verify is one of the eight solutions under the TraXion blockchain ecosystem powered by IBM Hyperledger Fabric—a permissioned blockchain technology which aims to encourage the underserved sector to be served by financial institutions.
By using this system, different problems related to authenticity, reliability, and integrity of a record or data can now be solved.
TraXion Verify works in three ways. First is through TraXion Tech which creates one physical copy of a record. This record serves as the original and recognizable physical asset that is identifiable by a governing body or institution.
Second is when the physical copy or record is provided with different attributes to create verifiable file for future evaluation. These attributes are added to the document’s QR code, Time Stamp, Electronic Chips, Environment Hash and Verifier Hash which are all unique to all records.
Finally, the digital copy with unique characteristics are added to a vault which the digital record in TraXion Verify is hashed using SHA256 before added to the blockchain. These ways will ensure that it is immutable, verifiable, and shared entity.
This technology uses Blockchain and Verification Protocol Interface making it a solid solution to support authenticity of records which is applicable to land titles, identity cards (the national ID and driver’s licenses, among other things), birth certificates, diplomas and other school credentials.
TraXion believes that the next wave of digitization is data. Accessing every piece of information is easy using the internet but this should be verified and validated before consuming–something that TraXion Verify can solve.
“We at TraXion Tech Inc. only want true and authenticated information for every audience in the internet. Through TraXion Verify, we can guarantee that the future is validated, secured, authentic, and distributed,” stresses Ann Cuisia, Founder and CEO of TraXion and Director of Blockchain for the Cloud Security Alliance.
“We believe in the power of technology to elevate the human condition and blockchain is one of the greatest most inclusive forces for prosperity,” Cuisia adds.