On October 25th, Will Ruddick along with Galia Bernartzi from Bancor addressed a packed audience at the UN regarding the potential impacts of blockchain technology enabled Community Currencies, on marginalized communities world wide. This was a ground breaking moment to show case the ability to connect currencies, to each other and the world, with automated exchange rates.
Grassroots Economics Foundation pioneers the use of blockchain technology in Kenya, where communities will have the autonomy to create their own Liquid Community Currencies (LCCs) and trade among themselves. With no internet access needed, this block chain technology will reach millions of users by SMS/USSD creating a decentralized financial system. This empowers economic development practices, that enable communities to develop and trade their own interest free form of credit; backed by their own productive capacity.
In lieu of creating exchanges between communities, Bancor offers a smart contract that allows Liquid Community Currencies to automatically trade with one another across markets. By virtue of this, LCCs will be able to develop thriving economies.
Themed "Blockchains for Social Impact, at the UN Geneva," Will Ruddick (The Pioneer of Community currencies in Kenya) presented research from Universities worldwide on impacts related to Grassroots Economics' Community Currencies and the shift to blockchain technology which enables large data sets of transactions to be analysed.
He exemplified how this technological development offers a platform to engage people currently outside the formal financial system, mentioning that, " Through Block chain Liquid Community Currencies address the financial inclusion gap existing among people underserved by current financial solutions."
Galia Benartzi, Bancor reinforced this by stating that, "It is unlikely that the money system that created the need for the SDGs is the same that will be able to solve them. We must think outside the box." She says. Bancor alongside Grassroots Economics was mentioned as the leading example of Blockchain usage for Sustainable Development. It was positioned as the infrastructure to enable the next +10,000 Currencies for Sustainable Development and Grassroots Economics as the implementer.
This exciting week at the UN provided a platform to validate how the implementation of blockchain technology in Kenya by Grassroots Economics, will increase local trade and overall economic stability by addressing multiple derivations targeted by the UN. Many NGOs were interested in setting up Liquid Community Currencies as they realized it was possible to track Sustainable Development Goals through transparent blockchain technology hence offering real solutions to worldwide problems.
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