By Rajagopal Menon
On Women’s day, as is practice, the media will trot out Nirmala Sitaraman, Kiran Mazumdar Shaw, Falguni Nayar, Alia Bhat and a host of other “C” suite women to celebrate Women. These women are no doubt talented and driven; but what everybody ignores is that they got the opportunity to rise and shine. For every Falguni who makes it, there are possibly a million falgunis who are equally talented but did not get the chance.
In the last 10 years, India has made giant strides in improving the lot of the underprivileged women by providing them basic amenities like toilets, LPG connections and running tap water. The next step would be to unfetter them and offer financial independence. Blockchain fixes that. The potential benefits of cryptocurrency for women, especially those in developing countries, cannot be overemphasised. According to the authors of “Leveraging Blockchain Technology for the Empowerment of Women Micro-Entrepreneurs,” blockchain technology, the underlying technology behind cryptocurrency, can provide a secure and transparent platform for women to access financial services, marketplaces, and other resources that are often inaccessible to them due to various socio-economic and cultural barriers.
One of the main advantages of blockchain technology is that it offers an alternative to underbanked Indian women. It enables consumers to access financial resources with an internet connection. This means that women who are not granted equal access to financial resources can nevertheless participate in the economy and have greater control over their finances. Furthermore, blockchain technology has the potential to lower the cost of financial transactions, making it easier for women to save, invest, and start their own enterprises.
The authors describe a case study of a blockchain-based platform designed to help Nigerian women entrepreneurs. These women were able to use the platform to gain access to financial services like loans and savings, as well as interact with buyers and sellers in the marketplace. It also provided a safe and transparent platform for transaction recording, lowering the danger of fraud and corruption. As a result, the platform has had a substantial influence on financial inclusion, market access, and social empowerment for Nigerian women entrepreneurs.
Investing in women also has a good influence on communities as a whole. Women are more likely to invest in their families and communities when they have more access to financial resources, resulting in higher economic growth and development. Crypto can also be used to create decentralised finance (DeFi) platforms that can provide financial services to those who are underserved by traditional financial institutions.
Finally, blockchain technology has the potential to open up new doors for female micro-entrepreneurs, allowing them to participate more completely in the global economy and contributing to their total economic empowerment. As a way of accessing and transacting financial resources, cryptocurrency can assist to financially empower women while also offering new chances for economic growth and development. As more people join the formal economy, we are moving closer to a global open financial system. As a result, governments, financial institutions, and other stakeholders should be aware of the potential benefits of blockchain technology for women and involve them in efforts to promote financial inclusion and economic growth.
India is the land of Lijjat Papad, Bandhan Bank, Grameen bank et al. Most of these approaches have been centralised – directed by a central entity. Newer times call for newer tools. Now the time has come to leverage the open source tech that underpins blockchain and let the shakti of half a billion Indian devis flow. Let a Billion Falgunis bloom.
The author is vice-president, WazirX