TRADEFINEX: An Initiative of XinFin

aaacherry (37)in #blockchain • 6 years ago

Hello everybody!
I'm Chacha from Nigeria, today I want to talk about a project called TradeFinex developed by XinFin platform; It is a blockchain project, a medium for peer to peer global trade and finance which connects the financial suppliers to consumers.

You might be wondering why blockchain! but I'm going to explain to you why and the reasons behind it.

There are many financial institutes that trades and offer financial help to the needy individuals or organizations and government; but have you ever consider the challenges and difficulties people face before they could acquire any financial help? All these challenges make people to think outside the box to invent blockchain technology with a sole aim of disrupting the conventional system.

PROBLEM

Let me use my country as a case study, here in Nigeria, 50% of people living in rural area does not have access to banks or any other financial institute; even some of those that lives in an urban area cannot meet up the requirement for obtaining financial help or loans from those banks. The challenges does not end there, the mode of operation is so tedious, processing a transaction take a lot of times to get delivered and transactions are not fully secured. There are also challenges of extorting money inform of charges or let me called it transaction fees. All the process of acquiring financial help from financial suppliers require a third-party that will stands as a witness before the consumers and the institute.

SOLUTION

The innovation of blockchain is the solution to these challenges and it has brought revolution finally to the world in almost all sectors. The blockchain is a technology that bring decentralization into the world, it eliminate occurrence of third party which has constitute the centralized system. It does not have a centre server, nothing like government controlling or imposing some rules on it; it is purely individuals managing its affairs.

TradeFinex

TradeFinex is the main reason while I brought this project into our notice. TradeFinex is a part of the initiative of XinFin project, it was designed to serve as the medium that connects people to financial lenders. This was developed to subdue the challenges of inability for people to acquire loan for their various dream and businesses. Everybody needs loan, even the government needs loan when they want to acquiring a mega project but the process and high rate of interest the lenders levied make it difficult for many to acquire. So the TradeFinex, an initiative of XinFin (an hybrid blockchain platform) will address the global trade and finance challenges using XDC01 protocol. The agenda of TradeFinex will make room for peer to peer interaction between the lenders and the consumers which might be an individuals, government, communities etc.
This idea has a lot of advantages and benefits; the issue of high interest rate will be a things of the past, also issue of involvement of third party will be fully eliminated. All over the world, people can connects to each other and obtain loans from lenders without stress of filling forms or unnecessary documentation.