Blockchain Use Cases for Inclusive FinTech: Scalability, Privacy, and Trust Distribution

Abstract

Few blockchain centric projects have gone beyond their white paper or proofs-of-concept. While many have fallen below expectations and failed to address the fundamental issues of scalability, privacy, and trust distribution, there are a few “imperfect” projects that are making an impact on society. We describe the lessons learned from three projects and highlight their “improvisions” in achieving their vision of serving the underserved, and identify areas of possible improvements. Our research has shown that mass adoption of blockchain technology will accelerate in financial industry and supply chain with private permissioned blockchains, but these e-inclusion projects using “Inclusive” Blockchain will take a longer time with OnChain/OffChain complexities. A long-term view is needed to build a Noah’s Ark as the rush to build the Tower of Babel to harness short term gain may not bring net benefits to the economy and society.