Provider of b2b blockchain solutions BlockPool, has today revealed a blockchain based solution set to provide a means for unbanked citizens to engage with the digital economy.
Working alongside digital innovators Federation X, the solution will provide South East Asian agriculture workers with access to digital content services.
In South East Asia there are 500 million citizens without a bank account, either too afraid or unable to open bank accounts. With a high mistrust of banks, most use cash or redemption refill cards.
BlockPool has created a blockchain based solution to replace the existing card system, and enable users to benefit from the digital economy. Money is instead held securely on an immutable blockchain, and workers can either choose to take out money in cash or use it to pay for digital based services, enabled by Federation X. The blockchain and e-currency will be implemented in a range of different products and services combining payment solutions with communication tools and e-commerce.
David Blundell Co-founder at BlockPool commented: “We’re very excited to partner with Federation X on this innovative project. With this solution we are enabling people in developing countries to engage with the digital economy through blockchain. We believe this is a solution with the potential to be implemented globally. It will provide access to secure financial services in remote areas to many people with a mistrust in current financial infrastructure.”
Critically the solution will lower settlement times, ensuring workers are paid for the work they do, putting more money in the pockets of workers, removing delay and lowering administrative costs. By using blockchain, workers can be guaranteed the safety and security of their money as the system cannot be tampered with.
Torbjorn ”Toby” Jorgensen, CEO at Federation X says: “It’s great to be working with BlockPool on a solution that will revolutionise banking practices in developing countries, and will greatly benefit individuals by helping them to simply and securely manage their finances on a more personal basis. Blockchain is an exciting new technology and we believe it will continue to disrupt outdated systems and practices. Partnering with BlockPool for our blockchain solution was an obvious choice due to its years of experience in the sector.”
BlockPool is currently engaged in a Token Exchange Campaign (TEC), aiming to raise funds and investment in its blockchain currency.