Blockchain, we all have heard of the word but very few of us fully understand the concept behind this technology. While the Techworld is diving ahead into the exploration and implementation of blockchain, the majority of our nation’s people are still debating on its existence, legality, and what it is.
If you are new to the term & tech checkout Blockchain 101: A Short Guide for a quick and complete intro to what blockchain technology is and its potential applications.
In this article, we will be talking about how blockchain technology is transforming the world and empowering women around the globe. I did a small thought experiment recently, where I asked a bunch of non-tech savvy women what they think the blockchain is, and to describe it in one word. The majority of the answers linked to cryptocurrency, very few knew what it was, and most just said that it has something to do with Bitcoin.
By Rimsha Salam, designed on Canva
Hence, this passion piece came into being. We all are aware of the economic conditions of our country especially when it comes to women, and blockchain technology is something that is on the rise, will give birth to numerous opportunities, and will potentially empower women and minorities if given the chance like it is doing abroad. (read: Blockchain Empowering Women Around the World)
Blockchain: Empowering Women one Immutable Ledger at a Time
In this article, we will not be diving into the technicalities of the blockchain instead exploring possible ideas, implementations, and applications that will empower the women in our country.
To start let’s eliminate the first misconception. The blockchain is much more than just cryptocurrencies or smart contracts. The immutable ledger technology has the potential to secure records, identity data, fight corruption and eliminate even financial intermediaries. So the possibilities are endless, or as far as your imagination can take you.
Blockchain & Academia
One possible application that will empower the female sector is blockchain certificates. The issuance of immutable, unchangeable certificates on academic qualifications will help reduce the overflow of fake degrees in the country. Women in academia and other fields are often doubted on their qualifications, abilities, and even experience. Through blockchain certificates, we can help reduce this bias to a small extent. (read: Blockchain for good: How disruptive technology is lowering barriers for disadvantaged women entrepreneurs in Pakistan)
Banking & Payments
While recent years have been good in terms of women empowerment in the financial sector, 42% of women across the globe still lack access to basic banking and financial services. And the same is true for our country with a small change in percentage. Blockchain startups such as Spenn are working on blockchain payments that can be made via SMS, which will allow instant access to financial services in places where there is the unavailability of WiFi & smartphones. Ideas such as these will help empower the rural areas of Pakistan where access to WiFi, electricity, and even basic amenities is difficult.
Contracts & Landownership
Another way to empower women is by implementing blockchain-based legal contracts. Due to inadequate enforcement of land laws, land mafia, and differing constitutions and customary law across genders have hampered women’s land rights significantly in the country. A blockchain ledger can help women protect ownership of their property as the technology has the ability to verify transactions and counter forgery.
Three Women Leaders in the Blockchain World
Now that we have discussed the potential ideas that can bring forth digital empowerment to women. Let’s take a look at three empowered female leaders heading up the blockchain revolution worldwide.
Laura Shin (Crypto Journalist / Podcast Producer – Unchained)
Laura Shin is a journalist with over two decades of experience and the Blockchain Award for Most Insightful Journalist under her belt. She is the current host of the blockchain and cryptocurrency podcast, Unchained. Furthermore, she is also the co-lead reporter on the Forbes Fintech 50 list.
Sally Eaves (Author / Speaker / CTO – Emergent Technology)
Dr. Sally Eaves is a renowned author and keynote speaker who highlights the benefits of blockchain and how it can make a social impact. Dr. Eaves has been awarded the Decade of Women’s FrontierWomen50. She also ranked 8th in the World in Blockchain impact. Sally Eaves has founded Aspirational Futures to help empower the next generation with the latest skills and technology.
Kathleen Breitman (CEO – Dynamic Ledger Solutions)
Kathleen Breitman is the CEO of Dynamic Ledger Solutions, the company developing the Tezos blockchain. Tezos is a decentralized, open-source, blockchain-based smart contract that can execute peer-to-peer transactions. Kathleen was also a senior strategy associate for R3, a blockchain consortium of more than 70 finance firms.
Endnotes
To conclude, blockchain has the potential to disrupt the world across all sectors. The applications of this technology are vast and just like any other tool or tech, can be for the sake of good or bad. When it comes to gender equality and the fight for women’s rights, blockchain is not a magical formula that will fix all the problems, but it is a great tool to spearhead the cause and will contribute to women empowerment and financial independence across various sectors.
