Blockchain Might Bring Billions of People into the Global Economy

[felixesteban]

Globally, 62% of people aged 15 or over have a bank account, while 73% of the Earth's (over-15) population have no formal savings.

These World Bank stats underline the serious challenge the global economy faces from financial exclusion, which according to the G20’s Global Partnership for Financial Inclusion (GPFI) carries "threats to financial integrity and international security […], social and political stability, and even potentially financial instability."

In other words, financial exclusion isn't unfortunate solely for those without a credit card, which is why it may be reassuring to hear that the blockchain is once again poised to offer its help with yet another global problem. It's beginning to be used as a means for providing micro-financing and micro-lending to the world's 'unbanked' populations, providing a secure way for people to receive micro-payments and -loans without having to prove their 'creditworthiness' to a bank.

Of course, even if blockchain tech can help include whole new swathes of people in a world economy often too cautious to include them, it can't guarantee that this economy will improve enough to lift them fully out of hardship or deprivation.

Two Billion in a Wallet

Everex project might become an example of what blockchain can do for micro-finance. Having finished its initial coin offering (ICO) in August 2017 with around USD 26.7 million of Everex (EVX) token sales, it plans to offer a range of financial services that run off the Ethereum blockchain.

Chief amongst these is its Everex Wallet, which it aims to use to bring two billion unbanked people into the world economy. The wallet should provide users with requested amounts of EVX tokens, which can then be withdrawn through participating ATMs and currency exchanges for fiat currency.

[Domithra]

Blockchain in itself is beyond what we know now. It cuts across all aspects of life, the financial sector, agricultural sector, educational, economy and whatever sector you can think of. It requires innovative minds to carry this great technology into another aspect and utilize it for the sole good of humanity.
With the Blockchain technology,we have seen much improvement in the financial side and economic side as it creates job opportunities for people and bring financial satisfaction to the people.

[CryptoDan]

It'll be interesting to see how blockchain technology is applied to creating a more sustainable future for the planet. There are some interesting ICOs that have already launched based on green principles like WePower, Power Ledger etc. But among all VLUX looks the most promising with its p2p energy trading system allowing consumers to save energy and prosumers to make money through energy trading - http://vlux.io/