The case of Ghana -Breaking
Technology has advanced to such an extent that cryptocurrency is now a mainstream phenomenon in today’s digital age of globalization and digitization. Blockchain is the technology that opens the Internet for financial services. This replaces trust, which was a core component of the financial system over centuries. With transparency, it integrates into a decentralized network. Blockchain is a way to do this. It has the potential for helping achieve the United Nations’ Sustainable Development Goals (SDG) by empowering the unbanked, predominantly women, reducing transaction fees as well as creating an alternative source of liquidity.
Only 57.7%A bank account was available to 80% of Ghana’s adults by 2021. The poor pay the highest for basic financial services because they cannot afford to participate in formal financial systems. The economic participation of women has a multiplier effect that can have wide-ranging effects on a range of SDGs.
Dustin JungI am a big fan of blockchain technology. He holds two master’s degrees in the fields of social science and management studies from the University of Freiburg, International Business School Budapest, and the University of Buckingham. Dustin has lived in Ghana since 2018 and is passionate about the potential of blockchain to promote sustainable development in emerging countries.