Blockchain: A Catalyst for Nari Shakti
By Rajagopal Menon
On Women’s Day, as is the practice, the media will trot out Nirmala Sitaraman, Kiran Mazumdar Shaw, Falguni Nayar, Alia Bhat and a host of other ‘C’ women to celebrate women. These women are undoubtedly talented and driven; but what everyone ignores is that they were given the opportunity to rise and shine. For every Falguni who makes it, there are possibly a million Falgunis who are just as talented but didn’t get the chance.
Over the last 10 years, India has made great strides in improving the conditions of the underprivileged women by providing them with basic amenities like toilets, LPG connections and running tap water. The next step would be to free them and offer financial independence. Blockchain fixes that. The potential benefits of cryptocurrency for women, especially those in developing countries, cannot be overstated. According to the authors of “Leveraging Blockchain Technology for the Empowerment of Women Micro-Entrepreneurs,” blockchain technology, the underlying technology behind cryptocurrency, can provide a secure and transparent platform for women to access financial services, marketplaces, and other resources that are often unavailable for them due to various socio-economic and cultural barriers.
One of the main benefits of blockchain technology is that it offers an alternative to underserved Indian women. It enables consumers to access financial resources with an internet connection. This means that women who are not given equal access to financial resources can still participate in the economy and gain greater control over their finances. Furthermore, blockchain technology has the potential to lower the cost of financial transactions, making it easier for women to save, invest and start their own businesses.
The authors describe a case study of a blockchain-based platform designed to assist Nigerian women entrepreneurs. These women were able to use the platform to access financial services such as loans and savings, as well as interact with buyers and sellers in the market. It also provided a secure and transparent platform for transaction registration, reducing the risk of fraud and corruption. As a result, the platform has had a significant impact on financial inclusion, market access and social empowerment for Nigerian women entrepreneurs.
Investing in women also has a positive impact on communities as a whole. Women are more likely to invest in their families and communities when they have more access to financial resources, resulting in higher economic growth and development. Crypto can also be used to create decentralized finance (DeFi) platforms that can provide financial services to those underserved by traditional financial institutions.
Finally, blockchain technology has the potential to open new doors for women microentrepreneurs, allowing them to participate more fully in the global economy and contribute to their overall economic empowerment. As a way to access and transact financial resources, cryptocurrency can help empower women financially, while providing new opportunities for economic growth and development. As more people join the formal economy, we move closer to a global open financial system. As a result, governments, financial institutions and other stakeholders should be aware of the potential benefits of blockchain technology for women and involve them in efforts to promote financial inclusion and economic growth.
India is the land of Lijjat Papad, Bandhan Bank, Grameen bank et al. Most of these approaches have been centralized – directed by a central entity. Newer times require newer tools. Now is the time to harness the open source technology that underpins blockchain and let the shakti of half a billion Indian devis flow. Let a billion Falgunis flourish.
The author is Vice President, WazirX
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