Traxion, a transaction management company, offers multiple services on its platforms to help farmers, fishermen, and sari-sari store owners.
The company utilizes Blockchain technology and sees an opportunity to create an inclusive ecosystem that connects the smallest microentrepreneurs to the largest businesses. They claim that statistics show that about 70 percent of Filipinos are unbanked and/or underbanked. Farmers, fishermen, sari-sari store owners, and others lack efficient ways to conduct transactions online but rather opt to use traditional payment methods which often result in delays and restricted access to their funds.
And so, the company is offering multiple services such as payments, remittance services, insurance & healthcare, and social welfare payments to a wide base of customers. Customers such as the farmers.
“Blockchain for transaction management is inevitable. It is not a matter of if but when will it be adopted by the masses,” TraXion CEO Ann Cuisia said.
“We have started doing this already here in Mindanao through partnering with a large plantation in Bukidnon. We are excited to bring financial freedom and control to the farmers in the Mindanao region.” Cuisia adds.
The company also has a partnership with the LionHeart Foundation in Southern Palawan. They were able to introduce blockchain based payments, payroll, loans, and savings to thousands of farmers in a simple and easy to use ID card format that contained information on the user’s funds, SSS, Pag-Ibig, and Philhealth data. They hope to replicate this success here in Mindanao.
They also extend the benefits of blockchain through a farmer-facing app that will ensure farmers receive timely and complete payments using smart contracts. This will allow them to capture real-time data to more effectively manage their crops and harvest; and most importantly, offer their produce at a better price directly to consumers like restaurants, hotels, and households.
“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 said.