NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Blockchain technology can reduce the inefficiency and even corruption that accompany centralization. While those who already have access to significant capital can make blockchain investments, it’s important to remember how everyone from small-business owners and workers to underserved communities can benefit.

Blockchain is borderless. Sending money overseas works the same way as sending money to your neighbor, and fees remain independent of the sum involved. Transfers are significantly faster than traditional banks, taking minutes rather than days to settle.

Blockchain makes banking and financial services more accessible. Anyone with a mobile phone can create a secure account. With recent data from the World Bank revealing 1.7 billion adults globally have no access to a bank account — but two-thirds of them own a mobile phone — this aspect of blockchain is extremely important.

Photo courtesy of David Shares.