access to credit has been understood as a requirement for poor people to start a new job and take themselves out of poverty. But usually they do not have access to bank loans and deprived from society. Blochchain is a distributed and decentralized technology which reduce the role of banks and other financial intermediaries in credit allocation. The question is about pros and cons of Blochchain technology in facilitating financial inclusion.
It is definitely a financial and monetary tool of the tech-know-logical future, with revolutionary impact on traditional banking (exponential finance), which is legally based on 3rd party involvement. Concerning poverty alleviation, it will play a marginal role to win the gamble in the economic jackpot of human living chances.
The poor usually has low level knowledge about technologies especially the new ones. Is applying Blockchain a complicated task for them? And if any, how it can be alleviated?
In Ukraine many people don't know about this new technology. We have another problem which consists in the fact that the old people are the poorest and the least technologically advanced. This knowledge schould be spread in the society through availabale sources. Some universities have a program to improve computer literacy but such program usually teaches bacis functions only and doesn't provide an access to new technologies
In countries where technology penetration is egregiously low, blockchain may not be the solution to financial inclusion. Its dependence on technology as a critical delivery platform negates its potential therefore leading to a marginal contribution to resolving issues of access to finance.
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