Crypto cash
I read with interest Aleks Krotoski’s column about the marginalisation of some groups in society due to the diminishing role of cash (August, p64). A large group mentioned in the article were the underserved and unbanked. We have a solution available, in the form of cryptocurrencies. Literally designed to be digital cash, with no complicated application forms to fill in and no credit history needed, you don’t even need a physical or fixed abode. The tech offers more than just cash, it can also give you a digital identity, which for some people will be a major step up in their ability to interact.
Steve
There have been several approaches to using blockchain services for the underserved and unbanked, from providing a stable ID to access government and health services (like in the city of Austin, Texas) to offering an alternative method of earning. But these services require access to technology (smartphones, tablets) that isn’t universal, usernames and passwords as tokens of authentication (if using publicly accessible tech), and organisations that will accept cryptocurrencies for services. Cryptocurrency values also fluctuate wildly, benefitting people who have the resources available to lose a bet. I commend the innovators trying to address this issue using this technology, but at the moment, it’s not a safe investment for most. Aleks Krotoski, BBC Science Focus columnist