Blockchain can promote financial inclusion from "summary" of Blockchain Revolution by Don Tapscott,Alex Tapscott
The idea that blockchain can promote financial inclusion is a powerful one. By using blockchain technology, we can create a more inclusive financial system that allows for greater access to banking and financial services for those who are currently underserved or excluded. One of the key ways in which blockchain promotes financial inclusion is by reducing the need for traditional intermediaries, such as banks, in financial transactions. This can lower costs and increase efficiency, making it easier for people who may not have access to traditional banking services to participate in the financial system. Additionally, blockchain technology can provide a secure and transparent way to track financial transactions, which can help to build trust in the financial system. This is particularly important for people in developing countries who may not have access to traditional banking services or who may be wary of using them due to concerns about fraud or corruption. Another way in which blockchain can promote financial inclusion is by enabling new forms of financial services to be developed. For example, blockchain technology can be used to create digital identities for people who may not have access to traditional forms of identification, making it easier for them to access financial services.- The potential of blockchain to promote financial inclusion is significant. By leveraging the power of this technology, we can create a more inclusive financial system that empowers people who are currently marginalized or excluded to participate fully in the global economy.
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