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- Stellar and PwC US release research on blockchain’s impact on financial inclusion.
- Blockchain reduces costs and accelerates payments, expanding financial service accessibility.
- Framework aids in measuring blockchain’s role in enhancing financial inclusion.
The Stellar network has a dedicated community that compares to the XRP community. XLM holders may not be as loud, but certainly just as driven. Stellar believes in delivering financial inclusion across the world via blockchain technology and uses new research paper to support its core value.
1/5 Financial inclusion is a journey that starts with access to financial services. We know blockchain is a solution that helps unlock that first step — and now we have new research that quantifies its potential impact.
— Stellar (@StellarOrg) September 25, 2023
From Stellar’s post it recognises how Blockchain technology is gaining recognition as a potent tool for advancing financial inclusion. According to a recent research paper released by Stellar in collaboration with PwC US.
In detail, the study, titled ‘Enhancing the social handprint of financial service providers: Using blockchain to foster financial inclusion’, sheds light on the transformative potential of blockchain in expanding access to financial services and improving their quality.
The research paper highlights key findings, emphasizing blockchain’s role in reducing the cost and accelerating the speed of payments, thereby enhancing the accessibility and affordability of financial services.
One notable example cited in the report is the use of stablecoin-based remittance providers, which enable virtually instantaneous and cost-effective cross-border transactions between the United States and Colombia. This stands in stark contrast to the traditional cross-border wire transfers that often take several days to settle.
Financial inclusion, a critical global objective, begins with access to essential financial services. Blockchain technology is now being recognized as a powerful enabler of this fundamental step. By offering faster, more affordable, and more accessible financial services, blockchain is poised to bring millions of individuals into the global financial ecosystem.
The research paper not only presents compelling evidence of blockchain’s potential but also provides a framework for measuring the impact of financial service providers in the context of blockchain adoption. This framework will be invaluable for organizations and developers looking to assess their contributions to enhancing financial inclusion.
As the world increasingly recognizes the transformative potential of blockchain technology, collaborations like the one between Stellar and PwC US are driving research and innovation to make financial services more accessible and equitable for everyone. Blockchain is not just a buzzword; it is a tangible solution that can unlock the doors to financial inclusion, making it a promising tool for shaping a more inclusive and financially empowered future.