Perspective: Financial inclusion can leapfrog with blockchain technology
Back in 2009, as the 2008 global financial meltdown unfolded, cryptocurrencies – and by extension, the Blockchain technology – made their first appearance.
Positioned from the outset as an alternative to traditional banking mechanisms, Blockchain raised the possibility of a revolution in the world of financial technology, and the way money was controlled. Nine years on, we see different economies and industries across the globe still trying to understand and adopt the technology.
However, while Bitcoin remains a different ball-game, Blockchain technology, in particular, may hold the answers to India’s widening financial divide. With an objective outlook, different public and private players in the financial domain can adopt Blockchain technology to reduce the cost of operations and remittances, and enable financial inclusion.
Photo courtesy of angelx77.