MENA Home Grown TREON offers Blockchain solution for $7 trillion Global Utilities Industry
It is not every day that UNLOCK meets with entrepreneurs from the MENA region who are launching Blockchain projects that make a difference to the global community at large. So it was a pleasure to sit with Mr. Hesham El Metainy, Founder & Chief Strategy Officer to talk about how TREON is using Blockchain to make a difference not only for the developing countries of the MENA region and Africa but also eventually for the entire globe.
Treon (TXO) is a utility token built on Ethereum aimed to enhance the payments and customer relationship for the Utilities sector. Utilities market today is worth approximately $7 trillion. The founders of Treon Mr. Khaled Khorshid and Mr. El Metainy using their long standing experience in technology, telecom and consultancy, want to enable consumers to easily manage and pay for their telecom, energy, and water usage. In addition they want to improve the service offering and lower transaction costs for the utilities sector.
In our interview with El Metainy it is obvious that the founders are passionate about improving the lives of consumers in emerging economies. As Mr. El Metainy states, “We want to provide those who are unbanked in the region with the opportunity to use their mobile phones to make payments easily, quickly and transparently. In the first phase Treon will work with telecom operators and onboard them onto the TREON Blockchain. The telecom operators will then introduce the application to their consumers. As El Metainy explains, “We are already in talks with several telecom operators around the region including Bahrain.”
When it comes to utility providers, whether they are telecom operators, energy and water providers or others using the Treon Blockchain platform will save them a lot in terms of transaction costs as well as improve processes and ensure business transactions are carried out correctly through the implementation of smart contracts on the Ethereum platform. According to El Metainy, “We can offer telecom operators the ability to settle roaming bills between themselves instantly, effectively and with lower costs through the implementation of Ethereum smart contracts. This opens up a new avenue where TREON can be used for B2B payments, allowing new business models to flourish and better collaboration between utility businesses.”
Using one consolidated dashboard, consumers can settle utility bills in TXO tokens or even fiat currencies. El Metainy adds, “Consumers will be rewarded with loyalty tokens for paying their bills in Treon.” Treon is partnering with Javvy, a universal wallet that unifies access to cryptocurrency exchanges into a single comprehensive application.
While there may be a lot of Blockchain projects that might be offering something similar, what sets TREON apart is the strong team they have brought together as well as their experienced industry advisors. Treon is not comprised of just excited code developers who are fascinated with the Blockchain and crypto but seasoned business experts who carry both strong technological understanding as well as deep business knowledge.
In the next 5 years, the TREON team hopes to utilize the $25 million ICO funds to expand their offering and build the technology. As Al Metainy stated, “We have currently raised around $4 million and will continue with the ICO until December 31st.