Indian firm develops Blockchain powered platform to fight poverty

Poverty Blockchain

Poverty Blockchain

Author: Jagdish Kumar, India

With a view to fight poverty in one of the world’s largest populated country, India’s Suncom Infotech, an ITES (information technology and IT enabled services) provider to Government PSU’s has developed a platform which will allow people to send money through Blockchain powered transactions.

Under the platform, the company plan to introduce a feature that would allow users to borrow money in small amounts through micro-credit transactions.

The company said that it will be launching soon the platform, which will be used across the country before expanding to other nations. nationwide initially prior to going global,

Speaking on this, Suncom Infotech CEO Ronish Baxter said that the company has developed and is launching the Blockchain technology platform, keeping in mind that an economic identity is essential to break loose from this poverty cycle.

In the coming months, the company is going to introduce a feature in the innovative application that his company is building which would help build a vetted, recognizable identity that would be a prerequisite to participate in any form of transactions or ownership in the global economy, Baxter stressed.

Most of the hype around Blockchain focuses on the rising and falling valuations of the crypto markets. The hype is unsurprising because the technology underpinning crypto tokens and Blockchain technologies is a paradigm shift in how we transact with each other over the internet and who we no longer need to trust, the company said in a statement.

Baxter emphasized that this was only made possible by bringing together decades of research into cryptography, game theory, distributed computing systems to mention a few of the key building blocks.

Asking how this help to fight poverty, Baxter said that it can help in many ways like sending aid without corruption; economic identity & banking; and allowing access to digitally secure and politically neutral store of value as a means of saving.

According to World Bank’s global financial index, there are nearly 2.5 billion unbanked or under-banked people all over the world, which represents a quarter of the total populace.

For this number, the failure to get access to financial systems and transactions can be weakening as far as not having the capacity to anchor life changing resources.

Apart from this, the secure and established nature of the Blockchain will provide a means to share sensitive data without the need to bother about the information getting altered along the way or getting lost.

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