All over the world, many people are looking for other sources of income in addition to their 9–5 jobs, and some are looking to start their own businesses. There various reasons for wanting extra sources of income, the problem, however, is there is are stringent procedures to follow when obtaining funds. The banks have made it difficult for people without affluence to get easy access to loans, which is as a result of the criteria the customers have to meet before being granted the loans. Apart from being difficult to access, the processes involved also contribute make it seem like a time-wasting venture. As it were, the banks are making profits at the expense of the customers, and this is due the fact that the system functions as a centralized system, hence, the customers have little or no power even over their own funds, rather the bank is in control, and can shut down any moment with the customer’s money.
The Trittium Solution
The blockchain technology was introduced, and with it came a myriad of opportunities, as it was discovered that the blockchain technology was perfect for different uses, including an improvement in the traditional banking system. However, the traditional banking system for obvious reasons is not in total support of the functionality of the blockchain technology because its decentralized nature removes every central power and gives power to users, hence, the users are in full control of their funds, including how it is used.
One blockchain based system that seeks to correct the faults caused by the traditional banking system is Trittium. It is a platform that was created to tackle the problems facing the issuance of and accessibility to loans, they intend to make it easy for users to be able to get easy access to loans. With the Trittium platform, an opportunity gets created for users to apply for loans at reasonably low-interest rates, without a credit history, and also request huge amounts. Furthermore, in variance to many other platforms offering the same services, the Trittium platform aims to focus more on loans that are collateral based rather than the use of credit scores as the main criteria before loans can be issued. Also, another difference between Trittium and other loan issuing platforms is that Trittium is able to use blockchain-based assets as collateral, and this is because they are liquid in nature, and also divisible.
Basically, the platform was created to bring a paradigm shift to the way loans are being issued, including the processes and criteria involved. The blockchain technology has proven to be one of the best technological breakthroughs the world has ever had, and daily new use cases of the blockchain technology get discovered which span different industries and sectors, especially the financial sector. With the advent of the Trittium platform, many startups will spring up as more people will have unhindered access to loans without going through the stress of the traditional banking system.
Originally published at medium.com on June 17, 2018.