Blockchain can also be used for women empowerment by these Three Ways

The blockchain is anyhow can do far more than power cryptocurrencies. From securing personal records to contracts to payments, it can also be used for women’s economic empowerment.

Personal Records

According to the reports, women in the developing nations are not like men who hold an official ID, because they refer to a birth certificate or other important documentation. Blockchain has the ability to store personal records in a safe and cost-efficient way and also can provide women with digital IDs, which can allow them to own land and bank accounts or take benefit of job opportunities in the formal economy.

Contracts

According to the Food and Agriculture Organization of the United Nations, Seventy percent of the world’s population require access to land titling. For example, women own less than 20% of the world’s land. according to the countries, women’s land rights are hindered by insufficient enforcement of land laws, differences between constitutions and customary law, and patriarchal power structures that govern many households and communities.

Storing the contract data in a blockchain would help women to protect their property ownership, through providing the technology’s ability in order to decrease the incorrection of the documents. Due to the software which is distributed across the blockchain network and algorithmically checks every transaction. it is impossible to produce a blockchain entry or to edit an existing one.

Payments

Blockchain provides a protected way to complete financial transactions, which could bring financial services to the 42% of women worldwide who are still doesn’t have any bank account. Importantly, payments can be made through blockchain and it will be free as well.(depending on which cryptocurrency is used), because the technology is based on peer-to-peer transactions and also functions without a third-party intermediary such as a central bank. Moreover, there are no costs associated with opening a cryptocurrency wallet, removing a significant barrier to entry for many women, who are less likely than their male equivalents to be allowed to provide maintenance fees or minimum balance requirements as a result of their overrepresentation in part-time and informal employment.

The blockchain is not a medicine

Ninety percent of economies still have laws on the books that prevent women’s economic opportunities. In many countries even where women are granted legal equality by their governments’ common law can replace the legal law.

Blockchain can’t change the law, nor can it alter social norms. But it can become a transformative tool which can be used for boosting women’s economic opportunities in places where they have rights but lack the infrastructure to realize them.