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Intro: During the G 20 high-level independent panel on financing the global commons for a pandemic for preparedness and response today, the Director-General of WTO feels that the blockchain solution is good to bridge the gender gap.
The World Organization Director-General and the former Foreign and Finance Minister of Nigeria, Ngozi Okonjo-Iweala said that blockchain technology could be very helpful for the unbanked and underbanked women the world over.
While addressing the G20 high-level independent panel, Kristina Corner, Editor-in-Chief of a publication house asked regulators and lawmakers how blockchain technology can help promote financial inclusion for women during the time of Covid 19 and beyond.
Blockchain gives women empowerment
Okonjo-Iweala was also on the panel. He was one out of the several members including representatives from Singapore, United States, to speak on women in blockchain. Blockchain brings transparency to the way of doing business and removes intermediaries. The director of WTO sees blockchain technology as instrumental for the financing sector. Financial inclusion via blockchain will give a new lease of life to women as they are often disbarred from access to finance.
There are many countries where women have a lot more trouble accessing financial services than men. It is a situation that could have been exacerbated by the pandemic with many Institutions closed. To promote financial inclusion many institutions have proposed using cryptocurrency and blockchain technology. The technology is beneficial in the areas that are lacking the same infrastructure, unlike developed countries.
There are situations where women have to face long travel times to access credit providers and restrictions on opening bank accounts. In further cases, they are sometimes not even allowed to legally own property.
World Economic Forum
As per the World Economic Forum’s report which was released in April, women are still not welcome working in the blockchain and crypto industry. The WTO has reported earlier that women’s economic empowerment is part of its agenda in the creation of wealth and reducing poverty. The group had suggested digital solutions like e-commerce, which is an easy and inexpensive way for women to trade globally. It will also empower them to enter new foreign markets, expand their businesses and harness their entrepreneurship.
Crypto and blockchain technology is an extension of modern thinking. Digital currency is used as a method of payment and blockchain for banking and more services. But it is still unclear how the individual economy will take this proposition into account.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
