The potential of blockchain extends to eradicating poverty

The potential of blockchain extends to eradicating poverty

By Andre Kwok

senior lecturer,

Department of Management, Business School, Monash University Malaysia.

When women and girls in Afghanistan they were prevented From attending schools, many have turned to online courses to further their education.

Blockchain with its audience Accessibility And the nicknamecan help them gain globally recognized portable and anti-tamper credentials.

have the ability to transform education By solving the infrastructure and institutional costs typically faced by less developed and geographically remote societies.

Blockchain has been the subject of many claims Since it popped up in 2016.

But the ability of blockchain to empower women struggling to escape poverty goes beyond education. can get better Social integration By giving equal opportunities to everyone regardless of their background and status.

Blockchain Technology Provides Women Financial Inclusion And the Entrepreneurship Opportunities To gain independence and self-sufficiency.

Offers affordable and effective small business owners cross-border paymentsand can help women access financing that was previously unavailable.

in Countries that still prevents women from acquiring property rights, women can turn to blockchain or cryptocurrencies to rip off Restricted cultural norms and financial access outside the traditional banking system.

Blockchain Helps Female Entrepreneurs

Small business owners who do not have collateral assets can turn to crypto finance to finance their businesses.

For example, file Grameen Foundation Offered microfinance supporting blockchain technology to support female entrepreneurs in the Philippines during COVID-19.

Blockchain technology has also been used to help refugee women in Humanitarian crises.

Migration systems can provide anonymous and homeless people with a personal identification that can be verified on a blockchain-based database.

Financial assistance in the form of digital currency or cryptocurrency can be deposited with minimal transaction cost into their accounts to enable them to access basic facilities.

Since the emergence of Bitcoin in 2009, blockchain technology and distributed ledger technologies (DLTs) have been widely adopted in various sectors.

newly Report According to the accounting firm PricewaterhouseCoopers, blockchain technology has the potential to increase global GDP by 1.76 trillion US dollars in the next 10 years.

As a revolutionary technology, blockchain has great potential to empower women in vulnerable and marginalized communities. It can improve their livelihood thus reducing poverty at the family, community and national level.

The two most important aspects that can help women achieve equality are improved access to education and income-generating opportunities.

Blockchain technology can be the turning point for social inclusion and poverty alleviation.

Andre Kwok Senior Lecturer, Department of Management, Business School, Monash University Malaysia. Declares no conflict of interest.

Originally Posted under creative commons by 360info™.

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