How Blockchain can accelerate financial inclusion and social inclusion.
Today’s world has sufficient resources to provide a basic level of living for everyone. In reality, however, the world is divided into haves and have-nots. As millions of people still live below the poverty line, global inequality remains skewed in favor of the wealthy.
As a founder of the blockchain ecosystem, my call is for the world to reconsider a paradigm shift from ‘for profit’ to ‘for benefit’. I appeal to the world to move away from the idea of profit maximization or crony capitalism in the fourth industrial revolution and instead to consider a more sustainable and inclusive approach to the fifth-industrial revolution.
This is what the Fifth Industrial Revolution will accomplish. Frontier technologies like blockchain can promote development if governments adopt policies that maximize their potential while mitigating negative outcomes. This is because technological innovations can lead to increased inequality if they are not implemented as planned.
Markets seeking a final burst of liquidity before the year ends
All of the emerging technologies, which include increasing automation and the integration between physical and virtual worlds, as well as artificial intelligence and robots and gene editing, can have profound effects on a society that is more inclusive.
Financial Inclusion
The availability of financial services for the unbanked is one way to foster inclusion. Financial products and services are key to the development of the world and reducing poverty. Globally, however, more than 1.7 Bn people lack basic financial services. They cannot therefore invest in their own health, education and entrepreneurship.
It could be facilitating remittances to migrants who want to send small amounts of money abroad, or it might mean providing a global decentralized bank account that allows financially excluded people to avoid having one set up with traditional financial institutions. This will allow blockchain to provide the foundation for a richer group.
Digital Identity
Digital identity is an important frontier for inclusion in a world of large-scale migration, climate change and refugee crisis. Digital identity refers to the digital representation or a group of personal information that relates to a specific individual, organization, and/or group.
Is it possible to use blockchain technology for digital identity? Blockchain is the latest technology that makes digital identity management easier, more secure, and more flexible.
It is crucial to understand the potential impact of blockchain technology on digital identities and how it can transform lives. The notion of digital identity was traditionally interpreted to mean that only information about individuals is available online. It is inaccurate to assume that digital identity only includes our social media profiles, emails addresses and physical addresses.
The digital identity representations exist on many platforms including banks, social media platforms and telecom networks. This makes it easier to define. Digital identity is the combination of an individual’s best offline and online identity.
Digital identity can be used in many ways by individuals, companies, and IoT devices. Before you can evaluate the current state of digital identities and assess their performance, it is important to understand what they are.
One thing is certain: Digital ID and credentials make it easier for anyone to use them. You can access everything from your vaccination cards to your academic qualifications, occupational licenses to employee IDs. However, this personal information must be kept private and secure.
Create strong and transparent supply chains
We have seen how wealth and privilege determine who has access to the most important resources during times of crisis. Supply chains are key to everything, from global trade to aid delivery.
Complex supply chains include complex networks of suppliers and manufacturers, distributors as well as retailers, auditors, consumers, and auditors.
Rethinking global supply chains requires industry players to work together and carefully consider elements such as interoperability, data integrity, and data integrity.
Public procurement is another problem that many developing countries face. It is the biggest source of government spending worldwide and also the most important source of official corruption. There is a lot of wasted money due to the complexity, relative opacity, subjectivity, and complexity involved. Blockchain technology can help bring transparency and accountability to this area.
Closing Thoughts
We have been seeing technological innovation through a profit-first lens for a long time. As we move from the fourth to the fifth industrial revolution, I urge all entrepreneurs and leaders to adopt a ‘for benefit’ approach to technological innovation and promote inclusion and sustainability.
