Albeit the world is aggressively progressing toward a digital economy, millions of people and communities lack even the most basic amenities. In Sub-Saharan Africa, for example, over 80 million adults remain unbanked and have to resort to cash for all transactions. Whereas the Middle East and North African region count for about 20 million adults with no bank accounts, including 10 million in the Arab Republic of Egypt, according to the Global Findex 2021 database.

Government policies promise to bring about financial inclusivity, but the results are null to disappointing. The vulnerable and underprivileged sections of society still have no access to financial services such as banking, insurance, equity products, etc. Bill Gates, the co-chair of the Bill and Melinda Gates Foundation, once said, “The world must build a more inclusive and resilient economy and provide a gateway to prosperity for billions of people.”

In the endeavour to elevate financial inclusion, blockchain technology sparks a new ray of hope for the underserved community.

How is blockchain revamping the game?

The question is ‘how?’ (i) Blockchain facilitates the account opening process. (ii) Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term
is immutable and reinforces trust. (iii) It addresses the issue of high fees, etc. Listed below are some innovative blockchain projects aiming to accelerate the marginalised inclusion and socio-economic growth.

Fuse partners with ChromePay to bolster financial inclusivity in Sub-Saharan Africa

In Sub-Saharan Africa, the lack of an identity document—to date—remains a barrier against achieving financial inclusion, per the Global Findex 2021 database. Note that nearly 30% of adults lack identification documents. However, to cure the problem, WEB 3 has given impetus to a novel decentralised identity service, also known as DID. DID enables people to control their own digital identity without depending on any centralised or certified authority.

Fuse, a WEB 3 payments platform has partnered with ChromePay, an identity-based payment solution, to bolster financial inclusivity in Africa. The alliance centers around ChromePay’s decentralized identity service, or DID, which the companies claim will enable millions of Africans lacking identity documents to participate in the WEB 3 economy. Wielding the Fuse blockchain, ChromePay will provide users with numerous digital financial services.

Shariah-compliant blockchain to bolster the Global Muslim Community

The goal of halal blockchains is to build financial systems that would abide by Islamic views and traditions on finance, and therefore unlock access to financial services for the 2-billion Muslim community worldwide. One of such networks is Haqq – Arabic for “truth”. It aims to bolster innovations and sustainable long-term growth via a dedicated DAO and Dapps on it.

According to its documentation, 10% of the issued amount of its native cryptocurrency is deposited into the Evergreen DAO each time a new coin is minted. Moreover, this DAO is governed by network participants. With the motive of bringing direct economic value to the community, the Evergreen DAO either invests in Islamic Internet projects or donates deposits directly to Islamic charities.

Halal blockchain of South-East Asia ensures Food authenticity

Islam is experiencing rapid growth in terms of population. Pew Research Center (2018) claims Islam will expand as the world’s largest religious group in the looming fifty years. While the growing population has spurred the demand for Halal food, there is persistent stress in the community regarding Halal food authenticity. However, Sreeya an Indonesia-based major poultry industry player, pledged to diminish this stress.

In 2020, Sreeya collaborated with blockchain-based company HARA and data analytics firm Dattabot to implement a blockchain-based traceability system. The cultivation of a traceability system enabled consumers to trace the entire journey of the poultry at the slaughterhouse, thus stimulating customer confidence in the Halal process. Unsurprisingly, Sreeya also received a Halal certification.

Digital Revolution accelerates financial inclusion

“The digital revolution has catalysed an increase in the access and use of financial services across the world, transforming ways in which people make and receive payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term
, borrow, and save,” said World Bank Group President David Malpass.

The advent of WEB 3 and the widespread adoption of blockchain undoubtedly illustrates a bullish and novel option for financial inclusion of the unbanked, underbanked and unserved, allowing them to engage freely with the global economy.

Albeit the world is aggressively progressing toward a digital economy, millions of people and communities lack even the most basic amenities. In Sub-Saharan Africa, for example, over 80 million adults remain unbanked and have to resort to cash for all transactions. Whereas the Middle East and North African region count for about 20 million adults with no bank accounts, including 10 million in the Arab Republic of Egypt, according to the Global Findex 2021 database.

Government policies promise to bring about financial inclusivity, but the results are null to disappointing. The vulnerable and underprivileged sections of society still have no access to financial services such as banking, insurance, equity products, etc. Bill Gates, the co-chair of the Bill and Melinda Gates Foundation, once said, “The world must build a more inclusive and resilient economy and provide a gateway to prosperity for billions of people.”

In the endeavour to elevate financial inclusion, blockchain technology sparks a new ray of hope for the underserved community.

How is blockchain revamping the game?

The question is ‘how?’ (i) Blockchain facilitates the account opening process. (ii) Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term
is immutable and reinforces trust. (iii) It addresses the issue of high fees, etc. Listed below are some innovative blockchain projects aiming to accelerate the marginalised inclusion and socio-economic growth.

Fuse partners with ChromePay to bolster financial inclusivity in Sub-Saharan Africa

In Sub-Saharan Africa, the lack of an identity document—to date—remains a barrier against achieving financial inclusion, per the Global Findex 2021 database. Note that nearly 30% of adults lack identification documents. However, to cure the problem, WEB 3 has given impetus to a novel decentralised identity service, also known as DID. DID enables people to control their own digital identity without depending on any centralised or certified authority.

Fuse, a WEB 3 payments platform has partnered with ChromePay, an identity-based payment solution, to bolster financial inclusivity in Africa. The alliance centers around ChromePay’s decentralized identity service, or DID, which the companies claim will enable millions of Africans lacking identity documents to participate in the WEB 3 economy. Wielding the Fuse blockchain, ChromePay will provide users with numerous digital financial services.

Shariah-compliant blockchain to bolster the Global Muslim Community

The goal of halal blockchains is to build financial systems that would abide by Islamic views and traditions on finance, and therefore unlock access to financial services for the 2-billion Muslim community worldwide. One of such networks is Haqq – Arabic for “truth”. It aims to bolster innovations and sustainable long-term growth via a dedicated DAO and Dapps on it.

According to its documentation, 10% of the issued amount of its native cryptocurrency is deposited into the Evergreen DAO each time a new coin is minted. Moreover, this DAO is governed by network participants. With the motive of bringing direct economic value to the community, the Evergreen DAO either invests in Islamic Internet projects or donates deposits directly to Islamic charities.

Halal blockchain of South-East Asia ensures Food authenticity

Islam is experiencing rapid growth in terms of population. Pew Research Center (2018) claims Islam will expand as the world’s largest religious group in the looming fifty years. While the growing population has spurred the demand for Halal food, there is persistent stress in the community regarding Halal food authenticity. However, Sreeya an Indonesia-based major poultry industry player, pledged to diminish this stress.

In 2020, Sreeya collaborated with blockchain-based company HARA and data analytics firm Dattabot to implement a blockchain-based traceability system. The cultivation of a traceability system enabled consumers to trace the entire journey of the poultry at the slaughterhouse, thus stimulating customer confidence in the Halal process. Unsurprisingly, Sreeya also received a Halal certification.

Digital Revolution accelerates financial inclusion

“The digital revolution has catalysed an increase in the access and use of financial services across the world, transforming ways in which people make and receive payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term
, borrow, and save,” said World Bank Group President David Malpass.

The advent of WEB 3 and the widespread adoption of blockchain undoubtedly illustrates a bullish and novel option for financial inclusion of the unbanked, underbanked and unserved, allowing them to engage freely with the global economy.


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