FinDev Gateway compiled a guide to help individuals better understand what blockchain is and how it contributes to financial inclusion and development.
According to the article, blockchain is a digital ledger which keeps records of all transactions taking place on a peer to peer network. A four step infographic, listing: digital ledger, encrypted information, peer to peer, data sharing and decentralization explains the basic concepts of blockchain.
Several reports in the article indicate how blockchain can help solve developmental problems surrounding financial inclusion. One report revealed that “block chains have brought new levels of efficiency and effectiveness to the fields of development aid, supply chain management, renewable energy, economic growth, and several others.”