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Seamen’s group ink deal to use blockchain ‘wallet’: 'lower transaction fees, faster transaction time'

Seamen’s group ink deal to use blockchain ‘wallet’
ANNA LEAH E. GONZALES March 27, 2018

The Seamanpreneurs Consumer Cooperative (Seacoop) has signed an agreement with blockchain company Traxion to adopt blockchain technology for financial purposes.

Under the deal signed at the recent Seafarers & OFW (overseas Filipino workers) Business Expo 2018 at SMX Convention Center in Pasay City, the firm will provide a “TraxionWallet” that will facilitate the membership payments, investments, insurance, and remittances of Seacoop’s 1 million members.

Blockchain is a decentralized, distributed and public digital ledger used to record transactions across many computers worldwide.

According to Traxion CEO Ann Cuisia, the wallet would allow members to send money from one country to another, and pay for services and utility bills.

“It’s a wallet, but with a banking product, enabling them to save, invest, pay, load and lend. They can purchase traxion tokens or even use the local currency to be able to transact,” Cuisia said.

“Using blockchain’s Hyperledge Fabric, Seacoop members will enjoy lower transaction fees and faster transaction time. We can lower transaction fees significantly from 10 percent to 3 or even as low as 1 percent.

They can also get discounts on premiums when Traxion tokens are used,” she added.

Traxion is powered by Irish company Pluma Technologies Ltd., and designed to offer traditional financial products in a blockchain environment.

Seacoop was founded by the non-stock, non-profit Seaman Entrepreneurs and Advocacy Center, which aims to educate Filipino seafarers, OFWs and their families on financial literacy, developing business acumen, and supporting their entrepreneurial ventures.

The cooperative, in partnership with Go Marino, organized the expo to empower seafarers, OFWs, and entrepreneurs in their business ventures.