In the education field, use cases for blockchain have been slow to develop, even conceptualize. That may be because there are many issues faced in this sector that still need to be addressed before distributed ledgers can be successfully integrated into this field.
Nevertheless, one London-based startup, Humaniq is attempting to break the barriers of integrating new technology into education system by implementing blockchain-based tools to empower the economically-challenged communities to achieve their goals. The FinTech startup provides innovative financial services using its blockchain-based mobile application to the unbanked and underprivileged in emerging economies around the world. It focuses on worldwide financial inclusion by empowering underprivileged communities in Africa and Asia, giving them access to greater opportunities and financial solutions that were previously inaccessible.
Empowering Africans to access education financing
In many developing nations, youth access to education is limited due to lack of funding for quality education and the high cost of education that often force majority of children to stay at home or work to support their families instead. Increasing access to education can improve the overall health and longevity of these disadvantaged families, reduce poverty, and boost the economic growth of emerging countries. For these reasons, Humaniq has been raising awareness of financial services as well as using blockchain to promote education in Africa in order to empower the continent population and improve their lives.
As part of its efforts to enable financial inclusion, Humaniq launched a global challenge early this year inviting social entrepreneurs to submit proposals for blockchain startups that aim to introduce new financial services in Africa. The challenge was a resounding success and saw three projects selected for the inaugural Humaniq expedition; a blockchain-based land registry platform, a micro-venture capital loans system, and a remote-workplace app.
Today, an estimated 1.7 billion people around the world are without any access to financial accounts. In Africa alone, approximately 67% of people don’t have a bank account. Traditionally these unbanked individuals are unable to prove their identity, which makes it impossible to access loans and financing to fund their children’s education.
Humaniq, the next generation of FinTech app
Through its blockchain-powered solution, Humaniq provides the unbanked with a user friendly mobile app featuring a biometric ID, a wallet, secure messaging, end-to-end encryption feature and near-zero transaction fees, allowing them to access a wide range of financial services to fund their education as well as keeping their education performance records. In addition to providing the mobile app, Humaniq offers financial incentives to its users by issuing them the equivalent of $20 of HMQ tokens and paying them to play in-app educational games, providing both social and economic empowerment to the underprivileged population in developing countries. The platform, which is currently available in more than 24 countries, already allows financial contributions from donors.
Humaniq will most certainly help bridge the gaps of financial inclusion. By combining biometric and mobile technology with blockchain, Humaniq ensures that its financial services are deployed to people more quickly, especially the unbanked who are set to benefit the most.