Blockchain push towards financial inclusion is a necessary devil that needs to be unleashed to protect the interests of the marginalized. The idea of not having a bank account or a mechanism to send or receive money may seem to be a remote possibility to billions of the privileged people across the world. But it is a reality that plagues around 2.5 billion people, most of who live in the third world countries and developing economies. The financial exclusion suffered by a larger section of the society is due to government apathy and the lack of identification.
Students, Migrant-workers and Refugees are the most vulnerable section of society who suffers the wrath of financial exclusion. Students who relocate to other countries to pursue higher studies often face trouble in getting requisite financial assistance due to lack of necessary paper work. Migrant workers are another group of people who face the problems due to unavailability of transaction facilities. War refugees across the world are forced to live within certain designated areas known as colonies; most of these are denied basic banking facilities on the account of lack of requisite documentation papers.
Financial transactions are undergoing a sea change with the use of Blockchain technology. It is enabling a democratic & decentralized transaction system which is devoid of regulations. Being immutable in nature, the transactions made on Blockchain cannot be tempered, hence create a trust-less condition. Aligned with the cause of the marginalized, these products are being developed and many are on the verge of launch. Financial inclusion doesn’t merely give ability to transact rather it enables the person to indulge in activities that help in developing his overall conditions. Right from education to health to business opportunities the dependability towards financial transactions cannot be ignored.
Blockchain based organizations like LALA World are launching their wallet which would deal in fiat currencies while resolving the issue of financial inclusion. LALA id, with its unique identification mechanism will help in fulfillment of KYC process. Once the identity verification process is done the user would be able to send and receive payments. The app would also have remittance facilities in the later part of the year. With their products and services, Blockchain push would help in achieving the goals of financial inclusion and ameliorate the miseries of the marginalized.