🌏Why is the Implementation of Blockchain Microfinance Inevitable in the Future?

Blockchain is a groundbreaking technology with the potential to completely transform the microfinance system. Micro-entrepreneurs(8) can easily access financial resources using this technology. Women, children, the elderly, and people with disabilities make up a significant majority of the class living in extreme poverty, according to current statistics. They are the group of people who benefit the least from existing resources, including but not limited to food, education, and healthcare facilities.

Therefore, financial inclusion is a crucial step towards reducing and eliminating poverty because it helps provide people with the freedom to access financial resources wherever and whenever they need. Blockchain technology will enable anyone with internet access to access poverty-fighting tools and services at a very low cost. In this regard, blockchain technology has the potential to significantly transform the lives of the impoverished.

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8 A micro-entrepreneur is a person who lacks collateral, savings, or a credit history, is financially disadvantaged, has no access to banking services, and is financed with a small loan known as microcredit.