The Tezos smart contract platform is powerful and will have numerous applications for blockchain payment processing. One of the most ripe industries for blockchain smart contracts is the financial services sector which includes, among other things, insurance and consumer credit. A new French startup company, called MoneyTrack, is building what aims to be a world-class platform, on the Tezos blockchain, to address the next generation of direct payment processing.
The target of MoneyTrack is what the company calls “direct money.” As some examples, this money may take the form of insurance reimbursement being paid after a claim, a customer being offered store credit after a refund, or even discount vouchers for a specific product or service. Another possibility includes government applications such as social welfare administration and benefit processing.
According to Christophe Doré, CEO of MoneyTrack, “it’s the circulation of the MoneyTrack token within the platform that triggers everything.” For example, an insurer buys a MoneyTrack token to access the network. At that point, the token can be put into a smart contract with terms of issuance to the recipient. These terms can be edited and customized by the purchaser to suit the needs of any given business or use.
From a technical point of view, and how it relates to Tezos, MoneyTrack is being built on the Tezos blockchain as a decentralized application. This includes a smart contract layer, as well as a second layer that manages the payment processing between the merchant and customer. The connection to Tezos goes beyond simply using the public chain since the MoneyTrack team includes Fabrice Le Fessant, who happens to be the Founder and Scientific Advisor at OCamlPro, a company closely involved with Tezos development.
MoneyTrack is launching an ICO this month to raise capital and drive awareness of the project. The ICO will be in three phases. The first phase will begin in May 2018 with the opening of pre-sales for international institutions. A second phase will open in June which will open token sales to all non-institutional investors. The company does not plan to disclose the amount of cash raised or the exact amount of tokens that will be issued. “In phases A and B, we plan to issue a few hundred million tokens to avoid any liquidity problems and we plan to raise a few tens of millions of dollars,” said CEO Christophe Doré.
The initial version of the platform won’t be ready until the first quarter of 2019, according to the roadmap, with features being being developed and expanded over the next several years.