The blockchain is revolutionary for many reasons, of which continued technological advancement is an important part. But for much of the world’s underserved such as the unbanked and underbanked, blockchain technology has the potential to be a saving grace.
Unbanked Has Traditionally Meant Underserved
The term ‘unbanked’ refers to those segments of the national or international populace who do not own a bank account, thus relying on alternative financial services where and when these are available. These activities include payday loans, pawnbrokers, and loan sharks.
These alternative services are often highly unregulated and can be exploitative and even downright criminal. Yet, the target audience it serves often have no other choice, as they fall outside the formalized…