Large business enterprises make global payments to other businesses, their employees, contractors and affiliates. They spend an enormous amount of resources tracking these payments and doing middle office accounting, analyzing and reporting. Important business data is often lost or not collected due to the size of these organizations. Large companies often cannot track where payments are going or what they are made for and have no idea how to reduce the operational costs. Problems with data collection, reporting and analytics in digital record-keeping are particularly important in businesses involved in licensed financial services where data can make a significant difference to the company’s bottom line. Nonetheless, other industries can benefit from tracking data in a scalable blockchain solution.
Current blockchain solutions on Bitcoin and Ethereum suffer the same problems that the core protocols experience without addressing these issues such as: Broadcasting transactions to the Bitcoin and Ethereum blockchains is becoming increasingly more expensive. As more users and companies adopt these protocols, users’ transactions will begin to compete with each other and increase the usage fees. Transaction throughput is the most common criticism of blockchain technology. Enterprise applications must have massive transaction throughput. Most of the on-chain solutions are currently un-scalable to accommodate institutional grade throughput.
TRAXALT proposes a decentralized innovative solution for handling, on global scale, internal transactions for businesses related to their data collection, payment procedures, reporting, analytics, etc. in a more efficient and effective way with absolute transparency; helping them to optimize their resources, while guaranteeing transparency of transactions and stability of the infrastructure.
In fact, the TRAXALT solution is made up of a Platform, which involves a series of decentralized tools built upon the STELLAR blockchain, and a Ledger, which, together, will allow for arbitrary data identification, hashing, and timestamping on the blockchain. Once any particular data is stored on the blockchain using TRAXALT Protocol, it can be verified, measured, analyzed and reported without relying on any third party.
There are several benefits for using TRAXALT, such as reducing costs, as there won’t be a need to outsource operational procedures; there is less use of third parties, as the transactions are generated peer to peer; faster transaction times, as they are generated in seconds given the advanced capacity of the Stellar blockchain; absolute transparency, as businesses decide if they want to show a public or private ledger, in either one, information and transactions are always traceable; and it is scalable, as the data grows.
The TRAXALT team is excited to present the opportunity to benefit from lower fees, increased throughput, and data registration on the blockchain. All interested market participants, including developers, entrepreneurs, businesses and early believers, are invited to help build this technology and community with the team itself, altogether working to create the financial tools of the future.
Join us on this exciting adventure!
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