Bancor plans to use the blockchain technology to fight poverty in Kenya. The company wants to enable local businesses to sell their goods through the Blockchain free of charge.
The blockchain technology has started to expand to different areas than becoming more and more popular a multitude of sectors. While the vast majority of the crypto users and investors are using the blockchain to create new technologies, the areas suffering from severe poverty could also start benefit from the decentralized technology.
The blockchain company Bancor wants to lead a new initiative for local business in Kenya by creating a new type of wallet.
Bancor works through the POA network, which is based on the Ethereum Blockchain. In June 2017, the company was able to generate $153 million during the ICO.
In partnership with the non-profit organization Grassroots Economics, the creators of Bancor want to promote local transactions on blockchain in Kenya.
During the first tests, the company sold tomatoes over the blockchain in a local shop in Mombasa.
“Thanks to Bancor, the Blockchain is finally becoming a tool we can use to fight poverty,” said Will Ruddick, head of the Bancor Community.
Since 2013, in addition to the official Kenyan money, the government created a complementary currency that is accepted only in the impoverished area of Bangladesh, Mombasa.
The aim here was to simplify local trade by enabling transactions across different regions.
With Bancor’s digital transaction system, the government can save paper currency printing costs but also send money to peers independently of commercial transactions. Also, Bancor wants to offer local traders the opportunity to market their goods through a community platform; this encourages the regional boost of business and is an essential step towards poverty alleviation.