Blockchain for Financial Inclusivity

Abstract

This chapter examines how blockchain technology might help achieve environmental objectives and promote financial inclusiveness. For marginalized groups, especially those in low-income and rural locations, who encounter major obstacles when attempting to use traditional banking institutions, blockchain's decentralized nature presents a possible answer. Blockchain opens up new financial participation opportunities by facilitating safe, affordable financial services like smart contracts, cryptocurrency, and decentralized finance (DeFi). While smart contracts improve transparency and efficiency in lending, insurance, and microfinance, cryptocurrencies enable peer-to-peer transactions without the need for middlemen. DeFi platforms promote economic empowerment by democratizing access to investment, credit, and savings options.