The digital revolution has no doubt transformed our world by introducing newer technologies. Technology is changing the way we work, do business, communicate, bank and even eat. We can now work smart, communicate instantly, and connect to anyone globally. Sadly, many of the people in remote places and developing countries cannot enjoy new technologies as they largely depend on smart devices and Internet access.
In developed countries, only about 70 percent can access the Internet. Conversely, with developing countries, the statistics are way down. Less than 50 percent of the people cannot get Internet access.
When it comes to the financial services access, 2.5 billion adults in the world don’t use financial institutions to either save or borrow money. Without access to financial services, many people all over the world are living below the poverty line. But thanks to the blockchain technology, people may no longer need to have smart devices or connect to the Internet for money services.
Introduced in 2009 with the Bitcoin cryptocurrency, blockchain technology allows secure digital transactions in a peer to peer fashion. It is decentralized and therefore doesn’t require third party organizations. Transactions are direct – from one person to another.
Although initially working with Cryptocurrencies, blockchain technology is now being applied in many industries to facilitate safe digital transmissions. For instance, Kora Network has built a global financial service platform on blockchain.
What is Kora Network and How Does it Work?
Kora Network is a financial services infrastructure whose mission is to connect people, communities and money in one ecosystem. As such, it offers financial services to users through SMS, USSD interfaces, smartphones, and in person access.
National currencies are picked in form of tokens that are used to build networks which form blocks of transactions to users all over the world. Token details are soon to be released on their site and interested parties can sign up for further information and updates. Additionally, Kora intends to work within the boundaries of present financial system to comply with governmental rules and procedures.
Can Anyone Use Kora Network?
There’s no geographical limit with Kora – the system is universal. Anyone from any corner of the world can use it, including a farmer in the remotest place in Asia. The only requirement is that a person needs a basic phone.
From the information on Kora’s website, the enterprise promises low transaction costs for users. The main purpose is to connect and empower local communities with access to tools and services that will allow them obtain instant financial freedom even without a smartphone or Internet access. You don’t even have to understand what technology is and how it works. Moreover, there’s no need to understand finance or English.
Kora meets everyone at their level. If Kora sticks by its mission, this is a project that can bring hope to billions of people in the world who are underserved by the currently existing financial systems. It removes the burden and complexities of expensive and inconvenient financial services.