Blockchain firm aims to bring SE Asia's unbanked into digital economy

BlockPool, a provider of b2b blockchain solutions, has introduced a blockchain-based solution to allow unbanked citizens to engage with the digital economy.

The company has collaborated with Federation X, a mobile systems developer, to offer Southeast Asian agricultural workers access to digital content services, a press release said.

BlockPool's blockchain-based solution holds workers' money securely on an immutable blockchain; funds can can be withdrawn as cash or used to pay for digital-based services enabled by Federation X.

The blockchain and e-currency will be implemented in a range of products and services combining payment solutions with communication tools and e-commerce, according to the release.

The solution will reduce both settlement times and administrative costs, BlockPool said. And importantly, workers are guaranteed of the safety and security of their money, since the system cannot be tampered with.

"We're very excited to partner with Federation X on this innovative project," BlockPool co-founder David Blundell said in the release. "With this solution we are enabling people in developing countries to engage with the digital economy through blockchain. We believe this is a solution with the potential to be implemented globally. It will provide access to secure financial services in remote areas to many people with a mistrust in current financial infrastructure."

Approximately 500 million citizens in Southeast Asia do not have a bank account and instead rely on cash or reloadable cards, BlockPool said.