KORA ecosystem - Connecting people, communities and capital

I was already writing about the big problem that people outside of banking system have. Those people are unable to get any financial service: open banking account, get a loan, do landing or anything else inside of financial ecosystem - We call them UNBAKED People. Traditional Banks keep their doors closed to them, and they are left outside without any solution. A number of unbanked, unserved or underserved people is huge in the real sense of that word. We are talking about more than 2 billion people experiencing this great problem in their life and more than 10 trillion USD in locked capital. This is not just affecting them, and their families, but also whole countries are affected and unable to develop economically.

Why is this happening?

Traditional banks don't have access to financial scores and history of unserved people. They are unable to open a banking account because banks don't want to take that kind of business risk with unknown clients. Without banking account, unserved people cannot have any financial history, and that is an unbreakable circle for hundred of millions unbanked people that is leaving them outside of banking ecosystem. Many countries recognized this problem and tried to solve it with less or more success. Some countries even made access to financial services a fundamental human right and made obligatory for banks to provide it to everyone. Even those actions helped to some of them the problem is still present and waiting for a complete solution.

How to change this?

Blockchain provided us with technology for storing and sharing value all over the world with just a fraction of the cost when compared to traditional banks and financial institutions, so many see it as a perfect solution for this problem. Few blockchain based projects already developing and offering their vision and solution on how to make banking services available to everyone, but there are still some problems that need to be resolved. As you may imagine most of unbanked are people with very low income, without smartphones and internet access, so it is really hard if not impossible to help them with classic blockchain technology projects. Luckily for them, there is a new project developing a perfect solution that will include all of them and provide them with banking and financial services.

Kora ecosystem - Connecting people, communities and capital.

Kora team has a goal of creating a blockchain based low-cost platform that will provide complete banking services and be accessible by smartphones and internet connection, same as other similar projects of this type. The improvement that Kora is introducing is that its platform will also be reachable by SMS/USSD. By doing this Kora team will allow hundreds of millions with the lowest income to participate in the global economy.

Kora network will function on four main pillars through which they will provide banking services to anyone in need of them.

• Identity: First step for any user of Kora network will be proving his/her identity.

• Secure storage: Kora users will be provided with perfect protection for their funds and a place to store them on the blockchain.

• Money Transfer: Ability to transfer money from one account to other in safe and user-friendly environment represents a major Kora function.

• Marketplaces: All Kora users will be directly connected and be able to exchange money for different goods, services, and capital through Kora platform.

All technical details and Kora business plan you can check in their WHITEPAPER and get even better insight into this project through the video clips from their founders on WEBSITE . In next article about Kora I will try to get more details about their ICO and tokenomics.

• KORA TELEGRAM
• KORA TWITTER
• BOUNTYHIVE

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