Refugees to Gain More Access to Financial Services Through Blockchain Technology

The Nairobi-based Startup, Gravity Earth revealed in a tech event that Blockchain technology could be used in managing the data of refugees. This is a platform that can help people living in these camps to gain easy access to financial services offered by Banks and other organizations. Therefore, their lives can be positively impacted upon.

Uploading the Digital Data of Refugees to Blockchain’s Platform

The digital data of over 80,000 refugees residing in camps can be uploaded to the Blockchain platform. This data can then be used by NGOs to offer financial assistance. On the other hand, the platform can be linked to third-party services. Therefore, the group has implemented its first strategy in a refugee camp located in Kukuma, Kenya.
This is a camp that has about three schools where the record of students needs to be maintained. Accordingly, Gravity Earth is using the distributed ledger technology to track the attendance of these students and their academic performance. In their opinion, all kinds of data relating to them are very valuable.

Over 1.5 Billion People in The World WIthout an Official Proof of ID

Based on the information provided by Gravity Earth, about 1.5 billion people in the world do not have official proof of identity. Consequently, it becomes difficult to access services such as loans, insurance, and even mobile communication. As a solution, the company is creating a “secure and self-sovereign digital ID” that is based on personal data.
Johannes Ebert, the co-founder of the company, noted that its platform, unlike others, was not considering raising money through ICOs. Also, tokens were not going to be issued because the group’s aim, is to deliver the product. Their focus is to have users adopt its platform and be actively engaged with it.

Blockchain Technology’s Widespread Use in Different Sectors

In more ways than one, the use of Blockchain technology is being encouraged in different sectors of the economy. This is a technology that industries like the Automotive, Food, Health, and Banking have acknowledged its potential. The same can be said for countries like Malaysia, Bahrain, and UAE, who are trying to implement this modern technology in certain areas of their economy.
UAE for instance, in a recent meeting, launched two initiatives that are focused on Blockchain and Artificial intelligence. The country aims to become a global leader, and it has noted that one way this can be made possible, is to set up infrastructures for modern technologies. It also plans on conducting 50 per cent of its transaction on the Blockchain by 2021.

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