The Director General of the World Trade Organization and former foreign and finance minister of Nigeria, Ngozi Okonjo-Iweala see that blockchain technology could help empower unbanked and underbanked women around the world. Since blockchain brings transparency to business using blockchain and removes intermediaries, this particular finance area has the ability to introduce and will be beneficial to women that are excluded from access to finance. Many countries don’t allow women to access financial services more than men. Experts proposed using cryptocurrency and blockchain technology to promote financial inclusion in areas that lack the same infrastructure as developed countries, particularly women that face long travel accessing credit providers and restriction on opening bank accounts and not even being allowed to legally own a property.
Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency
Comments
Post a Comment