Business Wire IndiaSuncom Infotech Pvt Ltd, an Indian ITES provider to Government PSU’s and some of the Fortune 500 companies, has developed and is launching a platform which will be used nationwide initially prior to going global, which will allow people to send money through blockchain powered transactions. They also plan to introduce a feature that would allow users to borrow money in small amounts through micro-credit transactions.
Most of the hype around Blockchain focuses on the rising and falling valuations of the crypto markets. The hype is unsurprising because the technology underpinning crypto token and blockchain technologies is a paradigm shift in how we transact with each other over the internet and who we no longer need to trust.
Ronish Baxter, Suncom Infotech CEO believes that all this is made possible by bringing together decades of research into cryptography, game theory, distributed computing systems to mention a few of the key building blocks.
Apart from that, Ronish Baxter said that Suncom Infotech has developed and is launching the blockchain technology platform, keeping in mind that an economic identity is essential to break loose from this poverty cycle. In the coming months, the company is going to introduce a feature in the innovative application that his company is building which would help build a vetted, recognizable identity that would be a prerequisite to participate in any form of transactions or ownerships in the global economy. The secure and established nature of the blockchain will provide a means to share sensitive data without the need to bother about the information getting altered along the way or getting lost.
We asked Ronish Baxter, CEO of Suncom Infotech for the core reason of this development to aid the poverty sector. Ronish Baxter said that it can help in many ways like:
- Send aid without corruption
- Economic Identity & banking
- Allowing access to digitally secure and politically neutral ‘store of value’ as a means of saving
As indicated by the World Bank's global financial index, there are nearly 2.5 billion unbanked or underbanked people all over the world, which represents a quarter of the total populace. For this number, the failure to get access to financial systems and transactions can be weakening as far as not having the capacity to anchor life changing resources.
For instance, credit cards offer a decent method to get to credit amid times of crises – restorative costs, pressing repairs, and even the requirement for private venture extension can typically be tended to with the swipe of a card. In any case, consider the possibility that you don't have a credit card or even a financial balance?
For most underbanked clients, the final resort is a swing to credit sharks and their great degree of savage loan fees. This adds to the cycle of destitution, which results in the borrower venturing into deep debt even before they can complete off key installments.