Blockchain for Change - Identity as a point of Access (Financial Inclusion for the Underserved and Underbanked, beginning in USA)
https://i.imgur.com/J83CrQ2.gifIn the United States, approximately 13 million voting-age citizens do not have proper and updated identity documentation. One study showed that this gap in documentation directly prevents low-income individuals from accessing basic services, noting: “An officially-recognized form of ID is the key enabler – critical not only for exercising a wide range of rights but also for accessing healthcare, education, finance, and other essential services.”
The very access to ID(entity) is a luxury, over 1.1 billion individuals worldwide do not have. How many of you have been asked to show your ID(entity) and had to pull out a driver’s license, a passport, a visa, etc. These pieces of paper are the documents that prove who you are. They are needed for when you drive a car, when you enter a bar, when you go to school, and when you want to open a bank account. It is almost impossible for individuals to live in our world without having access to any of the opportunities and services above.
Blockchain for Change (BCC), a New York City-based startup, recognizes that a digital identity coupled with security of personal information and financial inclusion is the foundation to build social wealth and capital. “Governments absolutely can’t ignore the fact that digital IDs will be the way that we interact in the future, and will be a key driver in how we interact with services.” said Calvin Bradley, Co-founder and CEO for Blockchain for Change. Blockchain for Change has developed a safe and secured method of exchanging information/identities that would curb the numerous data management leaks we have seen in the recent past. By building its blockchain-based Smart ID app, Fummi, and making it accessible to those who need it most, BCC is paving a path to financial security for the underserved and underbanked.
One of the most unique crypto-based applications being developed, Fummi, makes use of both Hyperledger Fabric and Ethereum optimizing their functionality within the ecosystem. The use of both environments allows the application and ecosystem to function on two separate levels; one being the Hyperledger Fabric where the Smart ID is generated through attested proof-of-authority by service providers, and the other being the “Change Coin” on the Ethereum network which provides the money supply and a closed economic system. The utility of the Change Coin is derived from its use on the Fummi marketplace through service providers and users. Service providers can use the Change Coin to onboard users into the ecosystem to maximize data management and coordination. Once the user has market-place access, Fummi service providers are able to offer reduced cost of goods and service through the cooperative purchasing platform.
The underlying premise of Blockchain for Change is that verified identity is required to facilitate inclusion in the modern economy. In turn, inclusion is required for the underlying growth of economies. Without verified identity, the economic systems driven by social welfare services are inefficient. This is a problem not only for the billions of people who are excluded from the system but also the organizations trying to provide welfare services to their citizens. The key value proposition of Fummi is creating an efficient platform for the delivery of welfare services through a plug-and-play infrastructure for service providers to advance financial inclusion in a demographic where more people own smartphones than bank accounts.
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