Blockchain for sustainable development: The case of Ghana
Cointelegraph
Published Jun 11, 2022 01:14AM ET
Updated Jun 12, 2022 03:20AM ET
In modern times of rapid globalization and digitization, technological developments have now reached such proportions that the usage of cryptocurrencies is no new phenomenon. The technology behind blockchain opens the internet for financial services by replacing trust, a fundamental component of the financial system for centuries, with transparency integrated into a decentralized network. Thereby, blockchain bears the potential to help achieve the United Nations’ Sustainable Development Goals (SDG) by empowering the unbanked, predominantly women, reducing transaction fees as well as creating an alternative source of liquidity.
Only 57.7% of adults in Ghana in 2021 had a bank account. Unable to afford participation in the formal financial system, the poor find themselves paying the most for fundamental financial services. Moreover, there is a multiplier effect inherent with the economic participation of women that takes wide-ranging consequences respecting a number of SDGs.
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Written By: Cointelegraph
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