A Boost For Countries With Little Economic Clout

An official identity is important and necessary in arranging many things in life. From arranging a bank account and insurance to obtaining a loan or mortgage, access to almost all government services and nowadays even buildings. Privacy laws and regulations have only tightened this up, so that more and more people are asked to identify themselves.

But an identity is not so self-evident: more than 1 billion people worldwide have no official identity. As a result, they cannot open a bank account, set up a business, vote, access healthcare or get an official job. Blockchain is now being used in countless places worldwide to give people a digital identity. A good example is the World Food Program, which I wrote about earlier .

An identity for everyone

It has given hundreds of thousands of refugees from Syria an identity. The medical file and a digital wallet are also linked to it, so that the refugees can conjure Armenia Phone Number up the most recent care file with an eye scan at a healthcare provider and pay at a supermarket.

Also read:  How our financial system is changing rapidly

The Central African Republic takes this one step further. In addition to a Self Sovereign Identity , it will offer an ‘e-residency’ (inspired by Estonia ). This identity works with privacy-friendly techniques such as ‘ Zero-Knowledge Proofs ‘. This allows you to verify confidential data without showing the confidential data. An example is checking whether you have enough money in your bank account to follow a course, without seeing the balance.

 

Armenia Phone Number

A new financial system

They are still there, because the country has just ended a civil war. By tokenizing these resources, the government wants to democratize these resources. Making it available worldwide for investors to buy back a share. In addition, tokenization also offers the possibility to invest fractionally, for example, so that smaller parties or consumers can also invest in this. In addition, it is completely transparent, so that it is also clear what happens with the money.

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