Blockchain for transformation towards sustainable and resilient societies
The internet can be considered one of the most significant technological inventions of our time. Almost 4.66 billion people were active internet users as of October 2020, encompassing 59 percent of the global population. The current crisis has highlighted that not everyone has the same level of access to new emerging technologies and digital tools, disproportionately affecting global citizens. Although disruptive technologies enable more users to access digital tools, accessibility is only the first step; users also need decentralized digital products which encourage economic prosperity.
Mastercard reported that consumer polling in 19 countries earlier this month showed that almost nearly half of respondents have swapped out their preferred payment card for one that offers contactless payment. Mastercard also noted that about 130 million micro and small merchants globally do not accept electronic payments, often due to the cost of acquiring new POS systems. [1] Merchants without access to digital payments lose out more as remote buying increases. Now is the time to design setups where all merchants and all consumers, irrespective of finances and education, will have access to the tools of the future.
HUMBL noticed a major gap between the US and emerging markets regarding mobile payments. HUMBL uses a mobile wallet that connects debit, credit, and digital dollars — with a point-of-sale (POS) system called HUMBL Hubs — to instantly connect the way money moves between consumers and merchants in markets such as LatAm, Africa, India, and Oceania. [2] A decentralized financial network powered by Blockchain technology will enable you to engage in commerce without barriers, it will empower entrepreneurs in developing countries to engage in commerce and boost microeconomic activity.
Beyond these benefits, there are real opportunities to transform financial services. Digital Assets as Alternative Investment and underlying technology through well-architected decentralized financial networks provide opportunities to improve global and peer-to-peer (“P2P”) trading. For example, Blockchain technology is enabling one-click solutions, such as Blockchain ETFs designed to invest through a transparent and decentralized model; this type of solution could unlock financial markets.
In places like Venezuela, a country rich in natural resources and the largest proven oil reserves in the world, the historical mismanagement of national currency and wealth distribution has had disastrous consequences for its citizens. According to the International Monetary Fund (IMF), Venezuela will have suffered a 200,000% inflation rate in 2019, rendering its currency almost worthless. Over 4.5 million people are leaving the country per year, contracting their GDP by over 35% annually and rendering key staples like food, medicine, and water in short supply for too many. [3] In countries like the United States, 84% of stocks are held by only 10% of households. This kind of extreme wealth concentration, against the backdrop of an increased fiat money supply, has historically been a recipe for market corrections and social unrest.
We are currently experiencing social unrest and market disruption triggered by social media platforms, sending the stock market into a tissy and forcing markets to halt. We need a tranformative solution that is equitable, transparent, and trusted.
The universal disruption of our societies is triggering a new wave of innovation; purpose-led innovation. We have the opportunity to transform, impact change, design universal access to digital tools and rebuild our global economy.
[1] Mastercard is Turning Every Phone Into a POS Terminal | Digital Magazine (borndigital.com)
[2] Rising Startups To Watch With Diverse Founders (forbes.com)