Davao City—Farmers in Mindanao can now use blockchain technology to securely receive their salaries through their electronic wallets.
TraXion, a transaction management company, has introduced blockchain as a form of financial security for the farmers using its e-wallet technology.
Ann Cuisia, TraXion chief executive officer, explained over the weekend that through the e-wallet, farmers can receive their salaries without carrying around sizable amounts of cash.
“By engaging farmland owners, they can use the QR code. The QR code will be their e-wallet and can be used in cashless transactions. They can also cash out it through ‘bayad
’ [payment] centers,” Cuisia said.
Using blockchain does not require the location to be a high-technology area, since the tech can easily be accessed by the farmers even in the hinterlands, Cuisia noted.
TraXion is already coordinating with over 600,000 sari-sari stores in the country to engage and encourage them to use blockchain so that farmers can transact with them.
“We can also work out on drastically bring down the price on remittance, we can have it at [just] 1 to 2 percent remittance change,” said Jojy Azurin, chief operating officer of TraXion, in a press conference here.
Money transactions and the farmer’s salary are safe using the blockchain since it is permission-based, Azurin stressed.
Organisations can access only limited data and information of the owner of the QR code, which only the owners are allowed to disclose.
“We can unite Mindanao thigh blockchain. Trust can be instilled in the farmers and the landowners or cooperatives, since they can easily trace the transaction of their products,” Azurin said.
He said that transparency is “very vivid” in the use of blockchain.
TraXion is currently working with several cooperatives in Mindanao to apply the technology in their companies.
“We approached the cooperatives because the farmers already trust them,” Cuisia said. “The farmers do not need to know that they are using blockchain, all they have to do is to trust the system and their employers.”