Traxion is an upcoming Blockchain project that is currently in the pre-ICO stage. The project aims to build an open-source, inter-blockchain ledger to provide traditional financial services in a blockchain-driven environment. TraXion classify themselves as the worlds first transition platform ICO that will usher in a new era where businesses and banks are part of the cryptocurrency revolution.
The TraXion ecosystem enforces data integrity, accountability, transparency and trust by utilising a smart contract-enabled blockchain platform which is one of the first to be powered by the latest IBM Hyperledger Fabric technology. The IBM Hyperledger Fabric would take a whole article to fully explain how it works but in short, it is an open-source framework that can be used as the basis for a blockchain ecosystem and is designed specifically to provide a modular scalable and secure foundation for industrial blockchain solutions.
What this means for the TraXion project is simple. The network will provide the option of public or confidential transactions, run through a permissioned network with a modular consensus mechanism. This setup will enable the network to carry out up to 100,000 transactions per second, almost double the amount that VisaNet can currently handle.
TraXion will build their blockchain infrastructure for everyday uses and will function as an intermediary between multiple blockchains, and real-world companies or individuals by providing a secure, simplified application that can save, spend, lend, borrow, and more. The project will feature three main layers to enable interaction with the ecosystem, namely the Hyper TraXion Wallet, TraXion Chain and TraXion Contract.
The wallet will be similar to other crypto wallets in some regard and will be used as a form of bank account. the wallet will be able to send and receive payments and support a number of crypto-currencies. The wallet will also feature a built-in KYC solution to give merchants peace of mind when receiving payments and to reduce the chance of any fraudulent transactions. Other features of the wallet will include a management dashboard that features analytics and a rewards system, a crypto trading service and a peer to peer lending system.
This is the blockchain infrastructure that the project runs on and as mentioned earlier is developed using IBM Hyperledger Fabric technology. It will be used to create customized business solutions for companies that require interoperability, data integrity and asset tracking within their supply chain. The permissioned system allows for a public blockchain between a group of business where each business may also open private chains between each of themselves for transactions that they may want to keep confidential. This allows an unprecedented level of flexibility and capability and will be a real game changer for many businesses around the world.
TraXion Contracts will be used to set agreements that will require certain deliverables to be met before payments will be released and these smart contracts can be used by non-profit organisations or charities The system will track deliverables and other metrics to provide a scoring system, helping to build a level of trust between the organisation and the donor. Organisations will also build credibility through this system and potentially generate bigger funds and more successful campaigns in the future.
Below is a list of TraXion's main benefits;
The TraXion ecosystem seems to me, to be a tool that many businesses will find a use for over the coming years, its standout feature being the use of the Hyperledger Fabric technology. The project will not only be useful for businesses though, as the average crypto holder still has difficulty with spending their coins in the real world and the TraXion platform will go some way to remedying this. TraXion looks to be an exciting project that may, in fact, bring real-world usability to the blockchain space, and that could be huge for everyone involved.
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