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John P. Conley
''Blockchain as a Decentralized Mechanism for Financial Inclusion and Economic Mobility''
The World Bank's mission is to end extreme poverty and increase shared prosperity. A key driver for this is increasing financial and social inclusion, especially for poor and marginalized populations. Essential first steps to achieving these goals are providing providing official identities to the estimated one billion or more displaced and impoverished people who do not at present possess them, and bringing the even larger number of unbanked and under-banked out of the shadow economy and into the formal sector. This paper explores how blockchain fits in as a key enabling technology to achieve these goals while at the same time protecting the privacy and security of vulnerable populations. We also discuss the role blockchain could play in empowering people to obtain fair value for their skills and efforts, even in environments with weak or corrupt institutions.
Keywords: Blockchain, Financial Inclusion, Economic Mobility, KYC, AML, Fintech, Decentralized Identity, Biometrics, Privacy, Distributed Business Processes, Smart Cities, IoT, Civil Society
JEL: G2 - Financial Institutions and Services: General
O3 - Technological Change; Research and Development: General
Manuscript Received : Aug 17 2019 Manuscript Accepted : Aug 17 2019

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