The development of modern technology has brought about positive changes in numerous spheres of life. Although tech industries have historically proved to be one of the worst industries in terms of gender equality and women empowerment, technology itself has started breaking down age-old barriers and altering the socio-economic landscape. Technology has put the under-represented group on the fintech map.
What is Blockchain Technology?
Blockchain technology is a digitalized and decentralized system that aids in the maintenance of transaction records that take place over peer-to-peer networks. It is not controlled by a single authority and the data is stored in inter-connected decentralized systems. It reduces vulnerability and promotes transparency and security in all business sectors using this technology. Visit Crypto Engine Website for more information on blockchain technology.
Value of Blockchain Technology
The real value of blockchain technology lies with its users and its uses. Value is what transforms data into information and this value is assigned by people. An active and engaged user community is what makes blockchain technology useful. The combination of several protocols that function using blockchain technology has the power to drive major societal change.
In the traditional financial system, around two-thirds of the world’s population have accounts and only 53% use them regularly. Minorities, unemployed, and women constitute the class of population that have no account or dormant accounts. Blockchain technology allows financial transactions outside the confines of the traditional financial system and has the potential to reach 42 percent of women with dormant or no bank accounts.
Collective Intelligence encourages Women Empowerment
Blockchain technology is largely based on collective intelligence. Blockchain technologies are open-source and decentralized. As a result, anyone can get involved and contribute to the system. The conditions and requirements to contribute are the same for everyone. It does not matter who contributes to it as long as it is a good code.
In fact, women seem to be more likely to contribute to blockchain technologies that are in tune with corporate social responsibility, community, and shared economy. The recent creation of the hashtag #satoshiisfemale only proves how blockchain technology empowers women in developing states.
Transactions in blockchain technology are made through wallets and are not dependent on gender, race, color, religion, nationality, sexuality, or any other discriminatory factor.
A seismic shift in attitude has been observed in the fintech industries because of this agnosticism regarding user information. The progress in this aspect is value-driven and contributions are measured by quality, irrespective of gender.
In a peer-to-peer system, equality and inclusion are ingrained in the system and the barriers to enter the market are lesser than traditional financial systems. Since blockchain technology is on the path towards mass adoption. Those who were previously disadvantaged and discouraged from entering the traditional financial system, are now attracted and empowered to be a part of financial systems running on blockchain technology. The economic democracy has been renewed by blockchain technology.
Blockchain technology strengthens trust between individuals and the transactions do not require a third-party guarantor. As a result, it aids in the creation of new types of governance and relationships that are based on the transparency of interactions.
This feature of blockchain technology attracts disenfranchised and marginalized individuals, especially women who fail to conduct transactions without a guardian within the traditional financial system. However, sufficient care must be taken in this process to guard against possible abuse of the technology. After all, with great power, comes great responsibility.
Blockchain technology is going to help decentralize and revolutionize other industries as well. It must be borne in mind that blockchain technology alone cannot alter social norms.
However, it is definitely acting as a tool for major transformation and can efficiently boost economic opportunities for women. The economically dormant are encouraged to participate and realize their rights. Real progress is achievable only when the economically marginalized are equally empowered and engaged as their dominant counterpart.