Blockchain-based Chama
sdecoret @ sdecoret
Chamas are informal social savings groups that allow members to contribute a certain amount of money, take loans at low-interest rates, earn dividends, and make investments on a monthly basis. Chama structures revolve around periodic group meetings when transactions occur using fiat money, and record-keeping is paper-based and subject to flaws. Current initiatives use a blockchain platform to provide distributed and trustworthy record-sharing, which is kept digitally, securely, and open. Members of a Chama have the same set of records, which are validated by other members through consensus and allow for remote meetings. While transactions are still based on fiat currencies, a next step would be to include cryptocurrencies in the solution.
Gender Equality
Challenges
This technology may still face access issues from vulnerable groups if it does not have an inclusive user-friendly interface that accounts for illiterate people, for example.
As blockchain technology ordinarily depends on an internet connection, people with more limited access to the web may encounter more difficulties.
Opportunities
Increase the financial turnover of women-led and project-assisted enterprises.
It promotes a safe place to save and store humanitarian cash transfers and remittances.
It may help solve social issues that disproportionately impact women and girls, by creating funds with a robust approach to gender equity and diversity, or by using a gender lens to identify potential risks and opportunities in the value chain.
