Over 2 billion people in the world are unbanked. This financial exclusion contributes to poverty and lack of opportunity to escape it.
What if there was a business model that can break down this barrier? There is, blockchain backed LaborCrypto.
Digital Financial Services are paving a path for 100s of millions of people to reach financial inclusion through services like mobile money services, payment cards and other financial technology or fintech applications.
Global studies show the main reasons people are unbanked are a lack of physical financial locations and people’s lack of money to open an account. As we developed LaborCrypto we recognized that the platform could empower the these people and help solve these problems.
Because of cryptocurrency and the LaborCrypto token, a person can literally have no money, but if they have a smartphone, they can do a job and have tokens at the completion. And we all know that fintech like crypto is not going anywhere.
The World Bank has been trying to solve the problem of financial exclusion for years. Every 3 years they and The Bill and Melinda Gates Foundation execute research and publish the Global Findex Report. According to the report, financial inclusion, built by mobile services, can improve people’s ability to earn income and thus reduce poverty, manage their financial risk, lower their costs of payments, help them save and actually reduces corruption in governments.
The adoption of the smartphone has had an awesome impact in helping improve people’s access to digital financial services. It reduces a person’s necessity for physical financial services locations. The people of the Sub Saharan African Region have proved that mobile phones improve inclusion and have been experiencing the benefits for the past several years.
What we see is that the mobile phone, coupled with LaborCrypto can also be a gateway to earning money for people previously excluded from developed financial infrastructure.
Where do we specifically believe LaborCrypto can help?
Well, 1.1 billion of the world’s unbanked have mobile phones. Further, 33% or 600M+ of the world’s unbanked are from India and China alone and over 400M of them have mobile phones. These two countries are also home to an enormous amount of the world’s international freelancers.
Think about how many people of the 400M in these two countries alone can freelance. The social impact that the LaborCrypto movement can have is staggering. Some will now have the ability to earn income and, with the token, have a means to exchange payments to buy the things they need. They will also get to participate in the revenue sharing program.
Most importantly, the inclusion of the additional freelancers will expand the market for international freelance by an amount not yet seen.
This is just another example of the spirit in which LaborCrypto uses technology to empower people otherwise left behind. This is why we work to bring this vision to reality.
Our vision is important, and many of the people who need it don’t even see it coming.
How to Build Global Financial Inclusion: Blockchain & LaborCrypto was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.