Blockchain Helps Financial Advancements Of Refugees

The world is ready for Blockchain, and as the demand for this technology swells, its use cases. Did you know that there are more than 1 billion people who don’t have their identity? It means that they have no legal documents to support their place of origin. These highlight vulnerable people not only find it hard to prove their identity but also, as time passes, the chances of having an authorized identity also blemishes. This makes it difficult for them to earn or get a job or home. People who fall in this category include refugees, trafficked kids, the homeless, and other people.

While Blockchain continues to be the underpinning technology for cryptocurrencies, its use cases are drastically increasing. Many Blockchain developers are working to create a system that will be useful for refugees who are facing the problem of identity issues.

Using Blockchain technology applications, individuals can build up a record over time and use it across borders as a form of identity. Now the next question that pops up is what is happening in the real-world scenario. Well, we will be highlighting the same in this blog.

Blockchain helping the vulnerable:

At present, these experiments are working at a smaller level, but their impact is significant. In Finland, the Finnish Immigration Service offers a prepaid Mastercard, which is a development by Moni, a Helsinki-based startup. It links it to a digital identity, which is composed of the records of financial transactions, and this information is stored on the DLT or Blockchain.

Another example of the same can be quoted from Moldova, where the government is working with the United Nations Office for Project Services (UNOPS) digital identification experts to explore the ways they want to use for the digital identity of rural kids, thus making it difficult for the traffickers to smuggle kids.

Why Blockchain?

You must be wondering why Blockchain is the focus of such developments; well, the fact of the matter is that Blockchain offers complete safety and security. Refugees who have fled from conflict would want their identity to remain anonymous, and Blockchain helps in the same. Building Block is a Blockchain-based application that is a part of the United Nations World Food Programme (WFP) that aims to use Blockchain to simplify the lives of the people.

Blockchain guarantees complete safety of data; moreover, data is distributed in the entire network, making it easy for you to access the data, while it prohibits hackers from attacking the data and altering it. All this makes Blockchain a useful technology.

What’s next?

All of this results from the hard work of Blockchain developers who work at the core of such development. In the times to come, we will witness a rise in the demand for such Blockchain developers. Blockchain is posing to be a potential solution to the problems that haunt our conventional system. With the right assistance and help, you can expect the system to become far more secure, and for you to be an expert in doing so, this is the right time to enrol for the Blockchain certification program by the Blockchain Council.

Check out our new platform 👉

Blockchain Helps Financial Advancements Of Refugees was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

Leave a Reply

Your email address will not be published. Required fields are marked *