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Global credit system can be improved with Blockchain

Almost everyone has to make transactions that involve money, but not everyone has the means to open a personal or business bank account.

04.Oct.17 5:43 AM
By Daria Zaytseva


Global credit system can be improved with Blockchain

In fact, the World Bank Global Findex indicates that two billion individuals do not have access to bank accounts. If somebody has a bank account, he can have access to the best loans, savings, business startups and options for purchasing real estate.

People who do not have bank accounts can help the Blockchain, here are three key ways:

1. Easier access to the main financial system

Banks require a huge amount of documentation to handle loans for their customers. With Blockchain there is virtually no chance of fraud. This makes it easier for customers to become part of the system while maintaining a high level of security - a win situation for both parties.

2. Easier and more affordable money transfers

Since not everyone in the world has access to a bank account, especially for countries with lower standard of living, mobile phones can be powerful tools.

Blockchain technology and cryptocurrencies create an environment for facilitating remittances through mobile phones. Having a bank account is no longer needed to send or receive payments from anywhere in the world.

3. Access to more reliable financial products and better protection

Blockchain simply works, and provides protection and prevention of fraud. From the point of view of reliability, the old method requires too much human intervention for proper operation. It is very expensive. In Blockchain technology, everything operates almost automatically, keeping reliability, applying the established algorithmic standards.

Blockchain applications will ultimately destroy duplicate processes and intermediaries without sacrificing the efficiency and transparency that most of us have long been looking for in our governments, public services and other transactions.

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