Blockchain: What Is It & Can It Help Empower Women?

If you are familiar with the word Bitcoin, then you might have come across something called the blockchain. Simply, blockchain is a shared ledger that is perfect for delivering transaction information in an immediate, shared, and transparent way. Apart from working with cryptocurrencies, blockchain allows tracking of orders, accounts, production, and payments. Apart from these benefits, blockchain has been on the frontline in empowering women economically all over the world. There are still a number of areas where women have been left behind and do not have equal access to opportunities as men do. The great thing about blockchain is that it has brought transparency and freedom of making various financial decisions for all. The following are ways blockchains can help to empower women across the world.

Payments and Fees

As much as feminism has been on the rise, there is still a high number of women who lack access to banking options. In fact, a large number of women still do not even have a bank account. This means that it is a bit difficult for this number of women to make payments, get payments or pay certain fees the easy way. However, blockchain has come to bridge this gap. Based on the cryptocurrency being used, anyone can now make free transactions. It is based on peer-to-peer interaction and eliminates the need for third-party interference. A woman does not need to have an intermediary to make a payment or transact with their banks. Since there are no further costs of opening a blockchain wallet, women do not face a barrier to entry. The other good thing is that they can also access applied blockchain online and this is even better since no further effort is required.

In short, blockchain has brought the benefit of instance and effortless access to various financial services. Therefore, women can now make payments and transact without any problems. This has given them room to make different financial decisions that favor them, their children, and the community at large.

Personal Records

According to information from the World Bank, women, especially those from the countries that are still developing, do not have documents like a National ID. This is because they often lack other necessary records. The good thing about blockchain is that it records and preserves the personal details of every user. Therefore, women can easily acquire these records and obtain important documents like the National ID. That means, with such documents, they can open bank accounts, own lands, and even access other job opportunities. It has liberated women from this animal of gender disparity when it comes to financial decisions. The availability of personal records is empowering women and allowing them to open bank accounts, own properties, and access their financial freedom.

Technological Careers

Consider the STEM industry where the largest number of professionals is occupied by men. This is the same case with blockchain where you will find users, developers, and entrepreneurs dominating the field. That means women do not have a lot of say here. However, things are slowly changing, and blockchain has shown great improvement in giving a chance to women. Now, women are able to innovate and invest. Hopefully, in the coming few years, women will have occupied a good number of professionals in the industry, and blockchain will set an example for other industries. Empowering a woman is empowering the entire community. So, changing a woman’s world will benefit not only her but the community at large.

Contracts

A large number of people from all over the world do not have land titles, and women hold the largest percentage. Often, this issue is backed up by various factors like land rights and cultural practices. Furthermore, the lack of personal records also contributes to this. Storage of contracts in blockchain can give women a chance to protect their properties, considering that blockchain technology eliminates the forging of documents. Blockchain verifies information and makes sure the details are correct. Therefore, any contract on land ownership cannot be changed later once it is recorded in the blockchain. Therefore, with such a trustworthy entity, women can now get access to worthy contracts, own land, and make decisions based on the properties they own.

Empowering Women

Technological breakthroughs like blockchain are transforming the financial world of women. Most governments are also setting up laws that ensure equality for women. However, customary laws are still impeding women’s opportunities. What blockchain does is not change statutory nor customary laws. It provides opportunities for women where they have no access to various benefits. In short, it provides infrastructure that helps women realize their potential and gives them the chance to make decisions and grow economically and independently.

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