Thursday, September 21, 2017

How to Give Debit Cards To People Without Papers

Classmate Sumit Aggarwal has just sent this interesting look at Finland and how it's using blockchain technology to give refugees a modicum of financial independence. The article, "Finland has a novel way of giving refugees money," is published by the World Economic Forum.

This thesis gives you some idea (but read the full piece to get the entire picture):
The cards mean that the refugees can also receive money – including salaries when they get jobs – and pay bills, without the need to open a bank account. 
The blockchain technology used by MONI doesn’t require a financial intermediary, such as a bank, to process transactions. Instead, transactions are instantaneous between users, and a unique digital record is kept of each one. It’s a cheaper payment system that is highly transparent.

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