The struggle to achieve gender equality is also waged in the technology industry. That is why innovative tools, such as Blockchain, are being used to achieve this goal.
Denelle Dixon, executive director of the Stellar Development Foundation, a nonprofit organization that builds, maintains and grows the Internet for payments using Blockchain technology.
In his article, he states that the Blockchain has the power to change, connect and make the world more equitable and open. Likewise, it has the potential to foster greater financial integration, unlock economic participation and democratize financial services in an unprecedented way, shortening the gender equality gap.
Regarding International Women’s Day, we want to share how Blockchain has the potential to promote financial integration that promotes gender equality.
So how do we do it with Blockchain?
At the Stellar Development Foundation, they aim to change the world. That is why they are committed to demonstrate that Blockchain will unlock financial integration and enhance economic participation for women and the world.
Similarly, they believe that Blockchain can help change the paradigm and empower the underserved, especially women, in a world of greater financial integration in several important ways.
Take, for example, what Hiveonline is doing with the CARE Village Savings and Loan Association (VSLA) program. The VSLA CARE program currently reaches 6.7 million people, mainly women, in 47 countries.
The VSLAs represent a massive informal financial network, totally disconnected from any part of the global or local financial infrastructure.
Hiveonline builds a bridge between informal financial communities, made up of banked and unbanked women, and the formal financial system.
That is the power of Blockchain: allowing global financial infrastructure and services to connect in a way that creates equitable access, saves time and money.
More gender equality is necessary, because the reality is that women are disadvantaged in the existing financial system.
We see that women are less likely to use or have access to financial services, either because of the number of factors, such as cultural or local norms, lack of financial education and employment in the formal sector.
Women, and all marginalized populations, should have equal access to the global financial system. Therefore, the use of Blockchain is necessary to create a more accessible and open financial system. A system in which people can be empowered, especially those who are left out or do not have the necessary services from the current infrastructure, such as women.
However, research shows that when women have financial access, the contribution to economic growth and wave effects can be powerful. And the consequences will not only be for those women, who will feel autonomy, but also for families, communities and countries.
Contribution of women
Women are a fundamental element in the global economic dynamic. For example, the contribution of migrant workers who are still responsible for sending half of the more than $ 600 billion in remittances worldwide. This shows us the role that women play in their families as caregivers and contributors.
But in today’s global financial system, these remittances can be slow and expensive. While Blockchain can make these types of cross-border payments faster and more efficient. This mainly because they can be done at lower costs and in a matter of seconds.
All this by accessing a smartphone, which increases the chances of women to participate in this system. Since there are greater possibilities that they possess this device to have access to financial institutions.
This proposal allows women to share and invest their earnings more easily, while saving time, costs and, of course, energy. However, it is recognized that the gender gap also extends in the digital industry.