DAVAO CITY , Philippines – A transaction management company that specializes in blockchain technology believes that Mindanao will be a good place to implement this kind of technology by connecting large business companies to micro entrepreneurs to create one economic force.
“Imagine underserved being able to experience inclusiveness in terms of financial services. Imagine farmers accessing fair-pricing without middlemen, the profitability would be different. The type of livelihood would be elevated. Imagine the farmers becoming the first and never again the last in the chain value. This is what we can promise,” TraXion Ceo Ann Cuisia said.
Statistics shows that one of the reasons why a typical farmer refuses to open a bank account is because they only wear slippers. “It sounds absurd but is the truth. Most of the indigenous people in this region doesn’t have their own identities so they have the tendency to change their names if they want to. They are prone to abuses because of this,” she said.
Cuisia said TraXion recognized that problem and wanted to address it with the use of blockchain technology, a new technology platform adapted as a new form of database collection and management.
TraXion elaborated that blockchain is associated most of the time with cryptocurrency, and which is associated with bitcoin. “It was the Bitcoin craze that paved way for their company to open globally,” she said
“This blockchain is the newest way of saving, sharing, and securing data in the digital age. It allows farmers to store information and transaction,and this information will be shared so as to have integrity, transparency, and traceability. They would know that the data they are processing is hundred percent true,” she added.
Through Blockchain, “indigenous people specifically the farmers can now have access to services such as payments, healthcare, remittance services and many more,” she said.
TraXion would provide them peer to peer lending, a channel to give to charities, paying utility bills, they will be able to save to another wallet, be able to remit money, and access to government services, she added.
Farmers who do not have smartphones will be provided an identity card with QR code containing a lot of information. They provide cashless payrolls which can be found in the QR code.
TraXion would help give the land or property to them permanently through Blockchain so the next generation of farmers won’t need to suffer or experience the possibility of losing their own land. If the information about the land ownership is placed in their identity and is immutable, it would really have a huge impact in the lives of these indigenous people.
“The companywould like to institutionalize the identity of these farmers, to be proven by any leader from the tribe or the LGU. There will be no more defrauding. They can also store in the QR code the farm lot identity. So as to save the farm lot for the generations to come,” Cuisia said.
She said Blockchain technology has three features namely: financial security, interoperability, and accountability.
Financial Security reduce delays and allows faster approvals with lesser documents needed.Instead of risking their safety by bringing thousands or millions of cash, they can cash in or cash out at payment centers as long as they have the card with QR code containing the money.They don’t need to travel another three hours to find a rural bank.
The Blockchain keeps the transaction and information accurate and the farmers doesn’t need to know all the technicalities behind it. Interoperability is about a Blockchain being connected to an accurate and transparent information.Accountability is when the logistics company is accountable for locating the driver and goods of a lost truck when unexpected accidents occur.
Furthermore, TraXion extends its benefits of blockchain through the Farm to Table Consumer App. They are in the process of developing IFarms, a mobile app for farmers, producers, consumers (hotels, restaurants or even households). This app aims to eradicate the middleman. The consumers can directly order the harvest from the farmers and the producers on the other hand can receive their payments on time, and allows them to effectively manage their harvest.
A restaurant owner who wants a standardized ingredients would know the quality of the goods he or she will purchase because there’s a scoring method in the app which will be based on quality, speed of delivery, the added value, which are crowd source. People will be able to rank and rate it. And since consumers demand quality, the producers would also do their best to keep the quality of their products.
“Other parts of the globe are already doing this that is why we also want to introduce it to Mindanao,” Cuisia said.(davaotoday.com)