In the midst of technological advancement and economic equity that is being touted by various parties around the world, it is still nothing to forget. There are still many people who do not have access to reach the financial facilities they need to grow their business. This is one of the banks' helplessness as a financial authority that should serve all those within its territory.
According to World Bank and United Nations data, there are still around 2 billion people in the world who do not yet have bank accounts. That means these people do not get good economic justice. This creates an imbalance that causes social, political and economic instability. This means that the great potential for value that can be created in the world will simply disappear.
Let us imagine a little how, when there is a group of farmers in remote areas who want to develop their agricultural potential, but on the other hand they have no capital. Then, the bank that was originally giving access to it could not serve well. So the farmer's hopes and potential that should have awakened will just disappear. This is called the helplessness of banks.
In addition, there is the selfishness of capital owners who consider remote areas to be unfavorable places. So they are reluctant to drain the funds. Of course this is a big mistake, because in fact that's where the great potential is.
Kora is Building Infrastructure For Funding Solutions
Departing from the funding issue, Kora strives to create solutions by building infrastructure for an inclusive financial system that can empower existing communities. Where it will create financial freedom for everyone and will create new wealth in the area that is considered not potential.
The Kora Network infrastructure is a community-owned financial services ecosystem supported by blockchain. This will lead people to decentralized decentralized services, all of which will create the following:
1. Universal Access
To reach remote areas that have not been met by complete facilities. Kora will take advantage of SMS / USSD access as a tool that can be reached by anyone. So you do not need a smartphone or even internet access, which is quite expensive. In addition, because it only takes advantage of SMS / USSD access, then you also do not require a sophisticated understanding of technology or finance.
2. Involving Local Communities
Seeing the condition of the community that became the target market Kora, where there are existing traditional service providers. Then it will be empowered and will create "Community Value Networks (CVN)". Kora Network empowers old and trusted networks in the community, giving them the opportunity to create and develop their own CVNs, maintaining well-established relationships.
3. Ecosystem Approach
By conducting and offering Kora's many lucrative services to the public. Where this will be decentralized and involving many people. In the future the ecosystem will be built and will serve independently the needs of various users and communities in Kora Network.
4. Light Cost
Kora utilizes blockchain technology that allows it to automate or eliminate most of the overheads that traditional financial service providers face. So that will cut many other burdens that are no longer needed. The cost must be very light.
The four factors above will support Kora to achieve its project objectives of connecting people, communities, and capital. Currently the Kora project is under construction. The working team are trusted and expert in their respective fields led by Dickson Nsofor, a Lecturer at INSEEC Business School London, who teaches Blockchain for Finance and Social Goodness.
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Created By : berkat
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