How blockchain empowers women in developing economies
Blockchain technology is empowering women in developing countries with financial freedom and improved access to social inclusivity and growth.
Tokenization on the blockchain helps turn things like a house, an antique or even a farm into digital assets. This has opened new avenues for monetization in Kenyan villages.
ATMs, banks and credit cards are financial enablers that are a seamless part of an individual’s everyday life, but for many in Kenya’s villages, this is far from reality. This is where Grassroots Economics is bringing a fresh change using blockchain and cryptocurrencies.
Grassroots Economics, a blockchain-based initiative in Kenya supported by UNICEF’s Innovation Fund, generates opportunities for access to credit in low-income areas by creating tokens called Community Inclusion Currencies (CICs). Villagers in a harsh crisis usually do not have cash or access to liquidity or credit; however, what they do have is crops, cattle, goods or labor services. These are the resources that can be monetized via tokenization.
CICs are tokens backed by real goods and services in a specific community, village or town, such as the work of carpenters, cooks, midwives, etc. Kenyan villagers can use the CIC tokens to secure a line of credit, backed by their own resources.