In a modern world where technology is advancing rapidly thanks to tools like blockchains and AI, there are still many places grappling with age-old problems. Poverty, lack of access to clean water or electricity, and financial exclusion are battles many communities still face daily. And while progress is being made, especially in connection to the United Nations’ Sustainable Development Goals (SDGs), some regions are still struggling, notably Africa and South America.
Map of poverty levels across the world in 2023. Source: WorldPoverty.io
Although we live in a highly digital age, the gap between the privileged and the underprivileged seems to widen. But to solve real-world struggles, we need real-world solutions. That’s where the promise of blockchain technology has been highlighted. Unfortunately, much of the blockchain space is still dominated by speculative trading and abstract use cases detached from daily realities.
Enter the Stellar Development Foundation (SDF), a nonprofit organization that supports the growth and development of the Stellar network. The Stellar network aims to bridge the digital divide, providing practical blockchain solutions to tangible problems that can help impoverished communities. With a specific focus on accessible financial services, SDF, through its support of the Stellar blockchain, aims to bring financial inclusion to the unbanked and underbanked populations across the globe.
The Stellar blockchain enables low-cost, near-instantaneous cross-border transactions, which can be a lifeline for individuals in emerging economies. By doing so, the Stellar network isn’t just showcasing blockchain’s potential; it’s applying this revolutionary technology in ways that directly benefit people, especially those in disadvantaged communities.
Companies and projects worldwide are already taking advantage of the Stellar blockchain. Arf, a global remittance platform, utilizes the Stellar blockchain to offer regulated financial services, ensuring same-day settlements for financial institutions, thereby eliminating pre-funding and counterparty risks while maintaining transparency and traceability in transactions. Getpaid, on the other hand, leverages the Stellar blockchain to enable seamless crypto payments, catering to various financial services by expanding global crypto payment options. Lastly, Félix, in collaboration with Bitso, provides a WhatsApp-based payment platform, facilitating U.S.-based Latino immigrants to send remittances to their families in Latin America quickly and affordably, thereby solving the traditional remittance conundrums.
These use cases depict the Stellar network’s ability to support real-world solutions for financial issues, demonstrating its potential to redefine cross-border transactions, business payments, and remittances with blockchain technology.
The essence of SDF’s mission has resonated with Idris Elba, a well-known actor with a substantial humanitarian footprint. Elba’s alignment with SDF isn’t just a superficial endorsement; it’s a shared set of visions to leverage technology for real-world impact where it’s most needed.
SDF’s latest campaign in collaboration with Idris Elba, “Where Blockchain Meets the Real World,” highlights the technological potential of blockchain and showcases its ongoing, real-world applications.