ECONOMIC INCLUSION
According to the Global Findex 2014, approximately two billion people in the world are unbanked, or lack access to a bank account. With blockchain-based applications, unbanked people would encounter far fewer barriers to registration and would not need to go through an intermediary.
Corporations or large businesses in particular seem to be more interested in implementing blockchain-based financial technology. Increasing adoption of blockchain in the financial technology industry means that many are also looking at the intersection between FinTech and social good. Essentially, the links between FinTech and access to financial services is especially important for microlending or nontraditional work. Through open electronic payment systems and open, transparent data transfers, individuals who were previously unable to register can now have alternative ways to access the financial services that allow market actors to fully engage with the market economy and prosper. This is called financial inclusion. Find more data on financial inclusion here. |
Financial and economic inclusion are especially important for empowering vulnerable or minority populations so that they can successfully and independently take part in the market system. This includes populations such as women, low-income individuals excluded from banking institutions, and refugees, amongst many others.