Have you ever marveled at the superheroes you see in movies? If you are a fan of DC Comics or Marvel Studio, then you know what I am talking about, but that’s just a movie. What if I told you that you could be a part of the world-changing revolution in the micro-financing world?
Talk is widespread everywhere about how we need to make everyone attain financial freedom. But how can we achieve that when 2 billion people are unbanked? These are the people who can’t get loans to facilitate their daily lives or grow their small enterprises.
An innovative microfinance platform can help bridge the gap between the missing credit history and access to credits and loans for the unbanked population. Access to loans should be a basic human right. These microfinance platforms will make them a reality for all.
What is an innovative micro-financing platform?
Have you ever heard about disruptive innovation? If you haven’t, simply think about blockchain and imagine how it has changed the traditional way of doing things in many industries. Some of the essential industries that have been shifting by the blockchain innovation include finance and banking, health, transportation, cybersecurity and crowdfunding among others.
Innovative micro-financing platforms and cryptocurrencies have similarities, even though one is a small banking system and the other one’s a digital currency. They are both built on the blockchain – a characteristic that changes the old ways. So if you were impressed by the thrill of cryptocurrencies, then innovative micro-credit platforms should be more captivating.
How can blockchain-based micro-financing save the world?
Banks are careful when it comes to lending their money. Banks use complex processes and excuses to deny your loans. Need proof? Try borrowing $500 because you overspent while abroad and can’t afford an air ticket back home. Most banks will close their doors on you because they would instead focus on larger loans.
A remedy for this lies in an innovative, blockchain-based micro-financing. And it is not just in theory, because we are already witnessing projects actualizing this. For example, AssetStream platform is designed to enable lenders to meet verified borrowers and provide the micro-credits originally not provided to such (unbanked) borrowers.
A blockchain backed microfinance platform has numerous benefits:
- Transparency – to ensure lenders have trust in the agency as well as in the borrower
- Unaltered credit data which remains unchanged for the purpose of credit approval
- Traceability of transactions to promote accountability
- Innovative micro-financing such as AssetStream that is based on blockchain is secure and hack-proof
- Fast and easy transactions
How does AssetStream work?
The platform provides the infrastructure for borrowers to get low-cost loans for business and personal use, and lenders to find trustworthy clientele.
On the other hand, AssetStream funds are financed through the purchase of AST tokens and borrowers are paid ASTH (in Thailand). If you want to withdraw your money, you will need to convert your local currency like ASTH to the main currency ASD. With ASD you can convert it into your original cryptocurrency. When you create an account on the platform you will need to choose one cryptocurrency (BTC, BCH or ETH) and you will be able to convert ASD to that cryptocurrency. Currently, the system does not support converting to Fiat yet. Once AST has been registered on an external exchange it can be sold.
- The AST token propels transactions in the AssetStream ecosystem.
- Friends and family can easily be enticed to be lenders on the platforms through these tokens.
- Services providers, lenders, and borrowers who stake AST improve their reputation and hence facilitate quick and positive risk assessment.
Become a fellow hero to save the world
Now that you know of the many possibilities unbanked people can have using an innovative micro-financing platform, what are you waiting for? Take part in the AssetStream project and be part of the economically transformative wave. Visit AssetStream to learn more.