Africa-based blockchain startup Treon is seeking to bring equality in utilities payments for the 1.7 billion people that are unbanked in the developing world.

This was announced after a presentation the company made at the Bloconomic Blockchain Economic Summit in Kuala Lumpur. The presentation was held by Treon co-founders Khaled Khorshid and Hesham El Metainy, who said their goal is to realise the true value of the blockchain technology where it is needed most: in emerging economies.

What is Treon?

Treon (TXO) is the world’s first provider of a digital token that allows consumers all over the world, including the unbanked, to seamlessly and securely manage and pay for their energy, telecom, and water usage, according to a company press release.

The product has been designed for consumers who use public utilities to pay their bills and uses the blockchain smart contract technology that is instant, verified, private and reliable transaction.

Speaking at the event, Khorshid, said: “Investors and blockchain experts are looking for evidence of where blockchain will change the world, but they often skip over the people that need this groundbreaking, decentralised, security of transactions the most. In societies where high-speed internet access is already the standard, currencies are stable, and secure transactions are readily made online, blockchain can bring improvements, but it is not truly revolutionary to what is available to users. In emerging economies, blockchain startups like Treon truly can change and improve lives.”

Why the Unbanked?

“The Unbanked population of global Utilities customers has gone largely unrecognised up till now. They have been left to wait in line at local utilities offices to make payments in hard currency. Conditions are often uncomfortable or unsafe and the process can easily consume 20 hours of a customer’s month, just paying for the basics,” El Metainy said.

“Treon has a solution, letting these and all utilities customers make payments with Treon Tokens, securely from their own home in a matter of minutes. What seems commonplace in some countries will be a life-changing shift in paradigm throughout parts of Africa and Asia and throughout the world,” he added.

Treon will have one consolidated dashboard that consumers will use to settle their utility bills using the TXO tokens. For this, Treon has partnered with Javvy and will leverage the aptness of their wallet along with Treon’s dashboard to provide Treon’s customers with a great value-add.

By doing this, Treon will eliminate the need for customers to commute to utility companies, line up in long queues wasting time and run the risks associated with currency instability. This makes the Treon token a great solution for the unbanked population that includes about 76 percent of the total number of mobile users worldwide. They will now have access to a digital system that will enable them to pay their utility bills.

Utility companies will also benefit as Treon will help cut costs for the companies and users through ease of payments and sharing of resources. Treon also has inbuilt compliance in its blockchain smart transactional system and has policies that are compliant with the Sharia Law.

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