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The human civilization has progressed with leaps and bounds in the last few decades with multiple technological innovations. Although a World Bank report finds a rise in global wealth, it shows that inequality still persists. The traditional financial system has been more or less unable to bridge the yawning gap between the “haves” and “have-nots” of the world. But all is not lost. Blockchain technology is that beacon of hope that can reduce socio-economic disparity and bring inclusive prosperity in the world.
The Noah Foundation, a non-profit organization, is endeavoring to use the empowering benefits of blockchain technology to create a financial ecosystem that profits every section of society – from migrant workers, cross-border, and local businesses to tourists and organizations.
Creating a crypto-powered payment solution
It started with an idea to use blockchain innovations for enhancing trade between the Philippines and Japan. For years, Japan has been one of the top trading partners of the Philippines. In the first semester of 2018, the total trade between the two countries stood at close to $10 billion or 11.8% of the country’s total trade. In an effort to simplify remittances and business payments, Noah has created a comprehensive blockchain-powered ecosystem.
In June 2018, the Noah Project entered into a strategic partnership with PayRemit, one of the largest payment gateways in the Philippines. This will enable migrant workers to seamlessly and effortlessly send remittances back home, either through their Noah Wallets or through PayRemit agents. The Noah Wallet is freely available for Android and iOS. The financial ecosystem developed by the Noah Project includes Noah Pay, multipurpose payment apps, Noah Wallet and the strategic partnership with PayRemit which eventually help countless businesses, and individuals from, not only the two countries but from around the world, travelers and organizations to make payments and buy goods and services.
The most important group of individuals to benefit from the Noah Project are the Filipino migrant workers who have crossed geographical and cultural barriers to earn a decent livelihood for themselves and their families back home in the Philippines. Remittances sent by Filipino workers from around the world were more than $28 billion in 2017 and remain a key element in the growing economy of the country. However, technical difficulties and high transaction fees, that could sometimes be as much as 10% of the amount to be remitted, remain a major problem for migrants who have to bear this financial burden.
At the center of this financial ecosystem is Noah Coin. By using it as a means of sending and receiving remittances, fees drop to as low as 2%. Moreover, the migrant workers have complete control of their funds and do not have to rely on third-party institutions like banks for making remittances. They can do so with ease through their own e-wallets. Noah Coin thus presents a viable financial tool that can act as a unique alternative to the traditional payments system.
The Noah Project seeks to use the full potential of the blockchain technology to consolidate all the features of a crypto-powered financial system – low-fee remittances, B2B and B2C payment partnerships, mobile money, secure e-wallets, trading services, cross-border payments, discounts, etc.
Extending crypto potential to other sectors
Having spent 2018 concentrating on creating a robust crypto payments infrastructure – Noah Pay, Noah Wallet, a partnership with PayRemit – the Noah Project is now looking to extend its solutions in the hospitality space as well. It is developing high-end vacation and leisure destinations where people will be able to seamlessly and effectively use Noah Coin.
The Noah Resort in Zamboanga del Norte, the beautiful province in the Zamboanga peninsula region in Mindanao, promises to be a haven for luxury tourists and crypto enthusiasts as they experience first-hand the power of cryptocurrencies for daily transactions. Noah Coin holders will be able to use the facilities of the resort by paying with Noah Coins and get different discounts on their purchases. They will have access to the different luxury activities, such as tennis courts, billiards, a world-class golf course, bowling alley, horseback riding, cove hopping, scuba diving river cruise, jet ski, rock climbing and much more, by paying through their Noah Coins.
Another exhilarating project that is coming up is the Noah City in the heart of the beautiful Manila Bay. The Noah Project will build a comprehensive township where Noah Coin will be used as local infrastructure token. The Noah City will include hotels, shopping malls, amusement facilities and much more. The Noah Coin holders are in for a treat as they will be able to use their coins for discounts, rebates, purchases, rentals, amenities, or trade them on cryptocurrency exchanges.
Redefining blockchain utility for a better future
The Noah Project is on a mission to popularize cryptocurrencies and blockchain technology as a viable means to create a global payments infrastructure that can bring about prosperity by easing financial burdens. Noah also seeks to redefine living and traveling through its crypto-powered solutions. Get the ultimate experience of enjoying the high life. Buy Noah Coins from top crypto exchanges, including HitBTC, Changelly, BTC-Alpha, Mercatox, LiveCoin, YoBit, and Ataix.
To know more about the Noah Project, visit the website. Join the community on Telegram to stay abreast with the latest news and happenings. Follow the Noah Project on Facebook and Twitter.