How is blockchain banking the unbankable around the world?

The ability to use blockchain and Bitcoin by everyone, regardless of ethnicity, gender, or cultural background, is maybe its most important characteristic.

According to the World Bank consensus, 1.7 billion adults do not have bank accounts or any other means of storing their money or wealth. Many of these people live in developing countries, where money is king and the economy is still in its infancy.

  • These people are typically compensated in cash for a modest quantity of money. They must then conceal this real money in their homes or other habitation places, exposing them to robbery or unjustified violence.

  • The authorisation keys to a bitcoin wallet can be written down, saved on a cheap phone, or even remembered if needed. For the most part, these solutions are more likely to be hidden than a small stash of cash under a mattress.

  • In addition to being a unit of account for wealth storage, future blockchains are looking into ways to store medical data, property rights, and a variety of other legal transactions.