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An industry that focuses on giving out loans to small businesses and the not so privileged members of the society should really be given a lot of attention. Microfinance deserves more attention and it needs technological advancements as much as it needs attention. Blockchain technology will bring about a worthy advancement and the microfinance industry definitely needs it.
Microfinance has been known to have significant downsides and they can actually be tackled by blockchain technology. Some of them are increased interest rates, unnecessary transaction charges, epileptic processes and lack of transparency. Guess who will save the day again?
Blockchain is a decentralized single ledger and a system such as this will greatly improve microfinance. There would be no need to trust authorities with blockchain in the mix. Mediators would also be getting the boots as a result. Blockchain will make sure there is transparency as all transactions will be visible to both lenders and borrowers.
Microfinance loans are mostly sourced from financial institutions and this brings about extra charges and increased interest rates on borrowed funds. Because blockchain is decentralized, it would bring about reduction of the interest rates on the part of the financial institutions.
Blockchain technology will bring about the digitalization of the whole loan acquisition process. Digital tokens or cryptocurrency may even be used and automation of payments and repayments will be ensured by smart contracts. The rules and regulations surrounding the loans will also be effected by smart contracts. The whole process will be simpler and faster if blockchain is powering it. The microfinance industry needs a change and it is long overdue. Blockchain microfinance is the future, and the future is definitely bright.
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