An interesting article on blockchain technology recently published on the official blog of World Bank comes in as a ray of hope for people in regions facing humanitarian crises. And from what it discusses, it is quite clear that the world’s most prominent financial institution is pretty upfront in admitting the caliber of blockchain technology, and the wonders it can do to bring about gender equality across the globe.
In the article, World Bank talks about the blockchain-powered innovations unveiled during a simulation lab set up in New York with strikingly promising humanitarian applications including digital identity, autonomous economy, and more. During the 4-day event co-conducted by UN Women, UN Office of Information and Communications Technology, and Innovation Norway, seven companies displayed the competence of blockchain technology in creating a self-sustained ecosystem for refugees by providing tamper-proof digital identities and building financial systems way beyond the physical boundaries.
The write-up identifies two significant pieces of innovation presented during the event; IDbox and SPENN. While IDbox is a solar-powered blockchain-based device that creates unique digital identities for users, SPENN focuses on handing over financial control directly to the people living in refugee camps and other obscure areas, by building an independent distribution network linked to a blockchain-based wallet, for exchanging good and services.
According to the World Bank, both the solutions drive towards a common goal; to make a significant fraction of unprivileged people, self-sufficient, and allow them to control their funds. This also indicates the utility of such solutions in regions where women enjoy minimal human rights and safety. A study conducted by the World Bank shows that women in regions with humanitarian crises are 30% less likely to have a bank account, compared to men in the same region.
The apex financial body expresses that these are the regions where the usefulness of blockchain-powered solutions like SPENN and IDbox, in empowering women and boosting gender equality, comes to light.
Reportedly, World Bank is already working hand in hand with multiple clients to build blockchain-based solutions for managing supply and demand, identification and monetization of real-estate assets, with prime focus on gender equality. One of the projects that World Bank is currently testing in Vietnam works in the direction of enabling women to prove ownership of business assets, and verify production values.