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Refugee & Migrant Education Network | March 15, 2019

Tackling Global Poverty with Blockchain Solutions

A lady standing in a farmers field

Extreme poverty in third-world countries is no small problem, but BanQu is working to provide upward mobility for some of the world’s poorest farmers. Using blockchain technology, BanQu is creating secure ledgers for identity records and supply-chain transparency. These immutable digital records help connect impoverished farmers with the global economy.

Ashish Gadnis, BanQu CEO and co-founder, is on a mission to help 100 million people out of poverty by 2023. That’s no small task, but Gadnis is confident it can be done. The trick is to use blockchain technology to solve some of the problems of identity and supply-chain transparency – problems that make it difficult for hard-working people in third-world countries to escape extreme poverty.

RME Network reports:

The clients of BanQu are large companies that are buying and sourcing coffee, cacao or jeans from people who live in extreme poverty. Before, the farmer or jean sewer was anonymous, but by using blockchain they are given an economic identity. If there is a transaction, the ‘virtual’ ID of the farmer is notified, and he or she gets a message on their mobile phone, allowing them to prove that they are “bankable” — even if they have never used a computer in their life.

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