Living in the digital revolution is surely exciting; new technologies are introduced all the time. The way we work, communicate, manage money, and do business has been greatly affected by technology. Working more efficiently, communicating instantly, and connecting to anyone, anywhere in the world has become possible due to technology innovations.
Unfortunately, not everyone is able to enjoy these perks. New technologies haven’t reached remote places in developing countries, as people who live there depend on smart devices and limited Internet access.
It may come as a surprise that only about 70% of people in developed countries can access the Internet. Now, imagine how low the percentage is in developing countries. Around 50% of people there cannot access the Internet.
Financial services are also a problem. About 2.5 billion people around the world don’t make use of financial institutions at all; neither to save nor borrow money. If you leave people without access to financial services, many of them will find themselves living below the poverty line. However, there is hope, and it is coming quickly. The blockchain technology aims to make financial services available to underserved people, even if they don’t own a smart device or have Internet access.
Blockchain technology was first introduced in 2009 with the Bitcoin cryptocurrency. It allows secure digital transactions, and it is decentralized, so a third party organization is not required. In simpler words, transactions are direct - from me to you.
Although blockchain technology was initially designed to work with cryptocurrencies, it is now used in many industries to secure safe digital transactions. For example, a platform for financial service has been built by the Kora Network on blockchain.
The Kora Network is a financial services infrastructure. Its mission is to connect people, communities, and money in one, universal ecosystem. Kora offers financial services through SMS, USSD interfaces, and smartphones.
National currencies are picked in the form of tokens. Then, these tokens are used to build networks for transactions between users all over the world. Further details about tokens will soon be released on their website. If you are interested, you can sign up for more information and regular updates. Also, Kora plans to function within the boundaries of existing financial systems, and to act in accordance with governmental rules and procedures.
The good news is that there is no limit regarding geography with Kora, it is universal. Wherever you live, you can use it. Every corner of the world is covered. The only condition is that you have a basic phone.
According to the information on Kora’s website, the price will also be a big plus. Low transaction costs for users are to be expected. The ultimate goal of this system is connecting and empowering local communities. Access to services should secure financial freedom for people in remote areas, even if they don’t own a smartphone or have Internet access. Understanding what technology is and how it actually works is not necessary. Furthermore, you don’t have to understand either finance or English to use this service.
That is the best thing about Kora, it is flexible, and it can meet everyone at their personal level. If it succeeds and keeps working in this direction, Kora will reach billions of underserved people and bring hope to their lives. Current financial systems haven’t been able to reach everyone, but this project looks promising.
Moreover, many of us use some financial services that are rather expensive, complex and difficult to deal with. Kora removes the complexity and promises ease of use and convenience for everyone.
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