Zage Report Highlights the Needs for Blockchain Solutions in Developing Economies

Blockchain marketing agency Zage recently conducted 102 interviews with leaders, founders, and investors in functioning blockchain projects and published the findings in a free report “Real World Applications of  Blockchain Technology”.

Financial services were chosen most frequently as the next industry to be transformed by blockchain, mentioned by 56% of respondents. Other industries that were mentioned by respondents included health care and logistics/supply chain.

Some respondents felt strongly that the need for blockchain solutions and Financial Services was most keenly felt among the billions of unbanked and underbanked people living in parts of the world with developing economies. The consensus was that more needs to be done to reach these underserved audiences.

“As an example, you can provide a payment solution for unbanked people in Namibia, but if those same people don’t have resources at their disposal and a viable infrastructure to support it, what difference does it make if they have mobile phones with cryptocurrency applications? This kind of scenario is what we all have to look at earnestly, and take seriously,” Gunther Sonnenfeld Founder of Novena Capital said.

“People living in developing nations are also in need of a monetary system which can be easily accessed for those who do not have a bank account, of which there are around three billion people worldwide. The ability to transfer value across borders without the friction of third parties means that charitable donations and development work can be far more efficient than they are currently (eg. Helperbit),” Adam Jason, Business Development at Coinsilium said.

Respondents have high hopes that blockchain technology will bring new access to the world’s unbanked and under-banked people. Though the unbanked are most heavily concentrated in parts of Asia and Africa, they are found throughout all parts of the world, including the U.S.

“Almost half of the people on the planet do not have access to bank accounts … Like we saw with the leapfrogging over landlines directly to the adoption of mobile phones in Africa, blockchain, with its decentralized and borderless possibilities, has the opportunity to rapidly create financial infrastructure in places where it has been previously unavailable,” Johanna Maaghul, Chief Integrator at ODEM said.

To download the free report, click here.

Author: Justin Roberti, Contributing Writer