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Nov 21st , 2022

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How blockchain technology provides solutions to end gender inequality

Mar 8th , 2022
Agbakwuru Chisom

Agbakwuru Chisom

Research/ Crypto Education
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Since ancient times, gender inequality has been one of the world’s most enduring issues. Efforts at providing solutions to end gender inequality have led to the implementation of various plans and programs. Despite increased awareness of concerns impacting women, development in this area has slowed.

Blockchain has the potential to revolutionize everything. The ability to connect the entire world. The ability to make the world a more equal and open place. It has the potential to increase financial inclusion, unlock economic participation, and democratize financial services in unprecedented ways. We can empower people, particularly women, by leveraging blockchain to establish a more accessible and open financial system.

The current financial system disproportionately excludes women. Women are less likely to utilize or have access to financial services due to a variety of reasons. Such reasons are cultural or local norms, a lack of financial education, and formal sector jobs. As a result, many women in developing nations have to rely on inefficient financial options.

A more inclusive future

It’s assumed that women are still undecided about crypto. However, this is widely expected to change shortly as efforts are being made to promote, educate, and simplify access.

Women-owned businesses in poor countries can benefit from increased financing access through cryptocurrency. Evidence suggests that microloans given to women in developing countries have the most impact. Women tend to use funds more effectively and are more likely to repay. Women also tend to adopt healthier lifestyles when their salaries rise. Despite this, women are significantly less likely than males to acquire loans, according to the World Bank. Through micro-lending over the internet, cryptocurrencies may be able to assist in providing solutions to end gender inequality in terms of financial inclusion.

Despite the income disparity between men and women and the difficulties women encounter in gaining access to the labor market, it’s inspiring to realize that women migrant workers still contribute half of all remittances worldwide. This speaks to the importance of women as carers and contributors in their families, even while they’re working abroad. However, delays and high costs plague remittances in today’s banking system.

Blockchain technology makes these types of cross-border payments faster and more cost-effective. Transfers take seconds rather than days and cost fractions of a cent. Women who have access to a phone may more quickly share and invest their earnings, saving time, money, and energy.

Women contribute to the global economy by accounting for the majority of annual consumer spending. Parallel to this, blockchain helps boost the global economy by providing solutions to end gender inequality and empowering the economic engagement of women. This pattern is likely to continue in future years. As a result, we can see that both women and blockchain are making a significant contribution to the female economy, and we’re only getting started.

Reasons to be optimistic

There’s a lot of buzz about how cryptocurrency could open doors for women in terms of inclusion, ownership, and wealth creation. But this vision can only become a reality if we’re intentional about including their voices and ideas. Simply put, if the sector aims to help women generate opportunities, we need women to help build them. Examining what is and isn’t functioning inside current systems, and for whom, is an important part of establishing something new. This will enable the sector to innovate more quickly, resulting in more inclusion and a genuinely global economy with equitable possibilities.

In conclusion, women are hampered by a broad societal framework that places a majority of the female population at a disadvantage in many ways. A greater degree of decentralization can help to decrease these inequities. We all expect blockchain technology to power Web 3.0, which will be fairer and allow us to exchange value peer-to-peer. Women will profit from this automatically. This creates an opportunity for a more just and balanced society that we have the choice and responsibility to seize.