In a world that is seeing a level of digital transformation take place, it’s important to realize that the manner in which financial transactions take place is undergoing massive changes. From the adoption of the Blockchain to cryptocurrencies, the financial world is changing before our very eyes. With TraXion, there is a tremendous opportunity to help bridge the gap between this ongoing financial revolution and society at large. Here are three examples to showcase this.
The first case to be examined will be that of an international bank.
Case 1: International Banking
An international bank is looking to handle the transfer of some of its funds to another bank in a different country. If the bank were to transfer these funds via traditional methods, the following would be the likely scenario. Firstly, the cross-border transaction would take on average of three to five businesses days to complete. Secondly, the cost of the transaction could go as high as 10%, with the said fees being neither transparent nor fixed in many cases. Lastly, the transaction itself would not be traceable nor transparent, with the possibility of server failures and other issues along the way.
With TraXion, this bank would be able to conduct its transaction in real-time and conducted in a way that is both transparent and immutable through blockchain technology. In addition, the cost of the said transaction would carry a very low fee in comparison to the traditional transaction method. TraXion is also creating a blockchain infrastructure that banks can integrate on their systems as well.
TraXion’s platform makes international banking transactions efficient, transparent, immutable, and cost-effective.
The next case to be examined will be that of a traditional bank customer.
Case 2: Banking Customer
In the current traditional banking system, a bank customer has to go through many unnecessary and cumbersome tasks to take care of their banking needs. If the said customer wants to withdraw funds, he or she would have to go to a physical location to do so. In addition, if this person wanted to donate funds, seek out insurance or conduct payments, they would have to use many different mediums as well.
With TraXion however, the need for all these numerous and complicated mediums is eliminated. TraXion will not only be able to provide the customer with their own digital wallet, they will also provide a payment platform, insurance platform, as well as a method for making donations to organizations they support, all in one convenient and easy to use platform.
TraXion’s digital wallet removes the barriers to a faster and more robust banking experience.
Lastly, the case of a small retail business owner will be examined.
Case 3: Small Retail Business Owner
In today’s world, a small retail business owner must worry about a number of issues concerning its business. From being concerned with customer service to marketing, the business has a lot on its plate. One aspect that is particularly troublesome for this business is its payment system. It has long sought a solution that will make it easier to track, send and receive payments. Keeping and tracking paper receipts for various purchases is inefficient and terminal payment systems are charging high fees to use their services.
This is where TraXion can come in to greatly assist this business. For one, the business will be able to link and receive payouts on its payment system via TraXion’s platform. One of the benefits of this setup includes being able to conduct transactions with at a much cheaper fee rate while also being able to better track those transactions thanks to the layer of transparency afforded via the blockchain.
Overall, TraXion presents a nearly limitless amount of use cases that will go beyond what has been discussed today. TraXion is poised to greatly assist in filling the gap between the existing financial system and emerging technologies.
TraXion’s token Pre-sale phase is currently ongoing. If you want to be a part of TraXion’s mission to bring about financial inclusion, head to the website to learn more: https://traxion.tech/
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