Kosta Peric, the deputy director the Financial Services for the Poor initiative at the Melinda Bill Gates Foundation, knows a thing or two about the financial sector, and he has a pretty good idea of how financial services can be used to help the poor. Peric is helpin lead the Gates Foundation’s efforts to increase access to financial services. By providing people with access to financial services, the Gates Foundation may be able to help the poor help themselves.
Among other things, the Gates Foundation is working with partners across Africa and Asia to develop digital money systems. To be clear, the Gates Foundation is concerned more with giving poor individuals access to services similar to the modern online banking services many people in developed countries enjoy, rather than developing a bitcoin-like solution.
Still, Peric believes that the key to providing such services may lie with Bitcoin’s blockchain technology. Blockchain technology, which refers to the communities ability to track and complete transactions through the building of a blockchain of data covering transactions, is emerging as one of the hottest topics in the tech industry.
Bitcoin’s blockchain technology works by paying bitcoin miners with fees and new bitcoins for building blocks. These blocks, in turn, contain all of the transactions and locations of all of the bitcoins in the world.
Peric’s interest in bitcoin is primarily in its technological innovations, rather than its use as a currency. Peric argues that people in poorer regions are used to dealing in local currencies, which would make it difficult for them to adapt to an all-digital currency. These criticisms aren’t wholly irrelevant, though bitcoin proponents could counter that many developing countries suffer from rapid inflation. Bitcoin could, arguably, offer protection against said inflation.
Either way, Peric’s support of bitcoin’s technology, which is line with the
Originally appeared at: https://99bitcoins.com/gates-foundation-looking-at-bitcoin-tech-assist-poor/