It is now official that PCCL has adopted the block chain technology for its global solution of addressing poverty at a global scale.
Back in the day, PCCL was involved in providing sustainable microfinance solutions to the local crowd as a mean of enhancing Srilanka’ s credit gap and financially enhancing the lives of the needy local population. These tasks were accomplished by the variety of products and services such as the MSME loans. However, despite the strategic approach to diminishing poverty we identified an even bigger problem- global poverty. Worldwide, a large number of people suffer from poverty. A majority of them aren’t provided financial support therefore fails to emerge from poverty and lead a life of quality and quantity.
This is when PCCL decided to take on a different approach.
PCCL adopted the block chain technology to facilitate its journey within the microfinance industry and reach a more global audience.
Noted as a sign of the progress in the evolutionary progress of the human brain, the block chain technology is making immense changes in technology, microfinance/finance and the lives of people all around the world.
So what makes the block chain technology unique? What sets it apart from the other technologies of modern world?
Actually, a lot do.
The block chain is a chained network of a distributed ledger technology which allows any participant in the business network to see the system of records also known as the ledger. It is new to the world unknown by many but somehow, its effects are enormous and quite effective in tacking the problems of today’s world. The largely burdening heavy problem!
Block chain is a blossoming technology as it blossoms and ripe with ongoing innovation.
According to Zibin Zheng , Shaoan Xie, Hong-Ning Dai & Huaimin Wang ( June 2017), “…….Blockchain serves as an immutable ledger which allows transactions take place in a decentralized manner. Blockchain-based applications are springing up, covering numerous fields including financial services, reputation system and Internet of Things (IoT), and so on…”
(An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends)
The technology, founded by Satoshi Nakamoto, is transparent, efficient, resilient, trustful, lacks intermediaries and many more.
To provide solutions, we have built a digital credit bridge which functions like a decentralised ecosystem on the Ethereum platform. This bridge paves path to connect with the four global target populations we have identified with. They are the global population of 1.3 billion poor people, 2.4 billion unbanked people, refuges & immigrants and young professionals.
The population of 1.3 billion poor people exists below the poverty line. The poverty line also called the poverty threshold is the ‘minimum level of income deemed adequate in a particular country’. Poverty occurs in the absence of enough resources to secure basic life necessities and has several factors playing together to produce it. Right now, this population suffers from the inadequate availability of resources to fulfil basic life necessities worldwide. We at PCCL have identified it as one of our target audience’s and hence aim to supporting them to climb out of poverty. PCCL’s global ecosystem provides various services and products aimed at solving the problem of this poverty-stricken population.
Similarly, we have identified an unbanked population of 2.4 billion who are untouched and unserved by the financial industry, largely because they lack basic qualifications to access financial services such as a credit history and collateral documentation. Due to their inability to access financial services, they too suffer from the intricate problem of poverty. In the current finance world, a lack of credit identity and a credit history stands to the inability to gain access to financial services. We at PCCL, has come up with a solution with the decentralised ecosystem which ensures financial support to this population.
Apart from the 1.3 poor population and the 2.4 unbanked population we have identified two more populations, as our target audience, who suffer from major financial drawbacks. They are young professionals, immigrants & refuges. Due to the inability to gain access to financial services, mainly due to the absence of proper collateral documentation & a credit history and such, young professionals find it problematic to accomplish many things during their bright youth. Millions of young professionals worldwide inherit trajectory financial concerns due to the current world’s functional societal stem and the decisions off policy makers today. Young professionals are a population group who are capable of achieving a lot if financially supported. Our goal at PCCL is to provide financial support to this particular target audience and set things right for their future.
The final population, refugees and immigrants are a major population we target. Refugees and immigrants in various parts of the world make up to a large part of working population. Due to various reasons, such as war & the dream for a better life these people have moved away from their families and the home country. However, because of various factors such as low pay, cultural discrimination, lacking credit histories and collateral processes, they suffer from financial deficits and inequity. For them and their families to rise high in society, it is important to tackle these problems.
PCCL’s solution, the digital credit bridge, links all these people to the solutions they most desire. It is none other than the PCCL global ecosystem, also called the decentralised sustainable microfinance ecosystem.
Since its run on the Ethereum platform, a type of block chain, the above discussed benefits such as effectiveness, transparency and many more provides enormous benefits like never before.
It’s a blessing!
Stay tuned!
The PCCL ecosystem will be revealed soon!
A miracle awaits!
By Indrachapa Sandeepani Jayasundera
