Blockchain technology was since its very beginning back in the late 70s an alternative way of digital communication focused on privacy and data protection. Working together through Peer-To-Peer connections, blockchain safety concerns have been its most value distinctive throughout the years.
Even if blockchain is not something new, it is now when small businesses and people around the world are seeing its projection. That is it because blockchain is used as the back-end technology behind all the new cryptocurrencies starting with Bitcoin in 2008.
Bitcoin was thought as a decentralized digital currency, not managed by local or central authorities but by the people who actually work on it and make it ‘being alive’. Democratically implemented, everybody who helps to replicate and ‘mine’ the code was rewarded by a bitcoin, making themselves part of the new monetary digitally-based system.
That is probably one of the first social ability blockchain use has achieved. Every peer has his own power and responsibility in building up the blockchain. As any transaction or code-building been recorded, the next participant in the chain -network- just need to add it and keep solving the code.
Privacy settings are also mandatory in the blockchain, as all participants are kept anonymous but the transactions are recorded and open-to-see for everyone who wishes to. This is thus how the blockchain itself keep safe and stable.
After Bitcoin using the blockchain technology, a new economic-value has been set for it. Thanks to the already mentioned privacy, safety and recorded settings, businesses and entrepreneurs all around the world has started to insert the blockchain distributed ledger to their commercial enterprise. They have seen it as open and fairer way of making transactions.
Among all those startups, small-business, entrepreneurs, new platform coops, etc that use now the blockchain as the back-end technology behind their digitally focused businesses, there are two that have seen the social impact wellness that blockchain could bring. We are talking about Humaniq and Everex.
The Humaniq’s financial inclusion mission
Humaniq is London based startup focused on bringing financial inclusion to those who lack access to it. To do so, they have developed an app through the blockchain technology using high-tech capabilities like biometric recognition.
The app is basic and highly intuitive. An alpha version was launched locally in Ghana for Android and it just scans your face through the biometric technology and connects yourself to your financial services. It voids complicates double-checks loggings and make easier to access to your personal services like bank account or digital ID.
The idea, well welcomed in the startup world, follows ambitious and praiseworthy Humaniq’s goal. In that mission they aim to help those two billion people around the world that do not have access to banking. “Humaniq aims to increase financial inclusion worldwide by providing new financial services to the unbanked based on Blockchain technology and biometric identification systems. With this new mobile digital economy, we will help people who are excluded from the financial system break free from poverty and improve their lives, and emerging economies shift into the cryptoeconomy.”
Their growth in the last year has been impressive. They launched an Initial Coin Offering (ICO) through Ethereum smart-contract technology, and in just one month, they raised over $5 million. By May this year, they already have developed the app and a team was sent to Ghana to collect data and starts its implementation in the field.
The Everex microfinance smart-contract
Everex, on the other hand, is a business incorporated in Singapur. They described themselves as the first fully transparent microfinance platform. Built on Ethereum blockchain technology and accessible from mobile devices, the Everex network allows anyone to request microcredit and send fiat payments from anywhere in the world.
Again, there is a social concern in this new startup as they aim to provide microfinance to those who don’t have access to even a bank account. As Humaniq, they aim to bring Financial Services.
Everex develops blockchain based p2p and micro lending platform based on smart contract-built stable coin (cryptocash) wallet.
According to Everex, “Our goal is to combine blockchain technology, abundant mobile infrastructures, and machine learning software, to allow billions of underbanked individuals in the developing world to access affordable financial services anywhere and to become part of the world economy.”
These are just two examples of how Blockchain technology can bring a better future for those that live in isolated areas and have been forgotten by the globalization wheel. Humaniq and Everex put their effort in bringing Financial services, which means better incomes and better lives. It is time for those with less resources to get out of the dark.
Thought leadership series on new trends and blockchain, powered by Humaniq.
Launched in 2016, Humaniq aims to provide mobile finance to the 2 billion unbanked population through its mobile app for good, that uses biometric authentication to replace traditional methods of ID and security. Humaniq’s open source stack and API will be available for startups and other businesses to build services on its core technology, making it easy to adapt their service and plug it into Humaniq’s network to reach a huge, untapped audience.
Hernaldo Turrillo is a freelance journalist working now for IntelligentHQ. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. He was born journalist and became a thinker. Knowledge has no limits.