Perhaps the most desirable humanitarian application of cryptocurrency technologies may well be the implication that the technology could be used to provide an economic system to people who are not given access to traditional financial resources. Though the actualization of this noble goal has not been all that the creators of the first decentralized assets expected it to be, progress is still being made.
The inclusion of isolated sectors of the economic would be the first step in the long road to a comprehensive world financial sector. And in 2018, the progress being made in the development of Secured Automated Lending Technology could be the key to organizations around the world integrating their constituents into an evolving economic ecosystem of inclusion and fairness.
The name itself actual has some meaning. Salt was the first commodity which was traded with the value of cash. In the days of China’s Silk Road, SALT retained significant value despite changing economic conditions in the countries which dealt in it.
And now, this same concept is being integrated with blockchain technology to both educate consumers in third world countries on financial practices and to provide them with the opportunities required to slowly become a part of the growing world financial sector created by blockchain and cryptocurrencies.
Financial Education And Training
In this noble sector, the organization has already been effective at securing baseline academic support. Regis University’s school for business and economics has created its own pilot project with support from the SALT foundation. Students in this newly-created department gain the foundational understanding of blockchain technologies, paired with a deeper knowledge of finances and blockchain economics.
The foundation’s executive director Dan Moore remarked in an interview that the course currently targets students that are “underbanked,” or do not possess the traditional financial resources necessary for complete financial inclusion.
But the main target of the organization’s educational work is not rooted in U.S. educational systems. The course will also provide scholarships to high-achieving undergraduates to travel to third-world countries to use the knowledge they gained during the course to help educate millions of citizens on proper financial inclusion and integration practices.
In particular, Moore outlined that Uganda will be the first project for the new generation of blockchain-educated individuals. The Sub-Saharan portion of Africa has over 350 million adults without any kind of banking access. Even if educational practices gave these citizens access to some sort of banking institution, the corruption rampant in some financial entities in the area prohibits full inclusion. The blockchain could change that.
Financial Banking Platform By The Blockchain
Beyond simple education and training efforts, the project is also putting forth its own lending platform which seeks to provide for financial access when traditional systems of economic inclusion, such as banks or fiat money lenders, are not available.
At the moment, the organization is emphasizing the use of Bitcoin as its primary cryptocurrency. Citing several reasons for this decision, SALT stresses that while long-term expansion is a considerable goal, a solid foundation in the Bitcoin lending and education service on the blockchain is integral.