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The rules of our economy were written for a different century. Individuals have gained access to move money easily within their own country, due to federal laws and national banks. Additionally, communities are becoming more global and inter-continental transactions continue to increase.
And yet, individuals are significantly penalized for the cost of transacting globally. Consumers will pay $30 billion in fees just this year to process transactions, which will be pocketed by intermediaries like banks and governments. The unbanked are unable to conduct transactions due to a lack of credit score, and countries with high inflation currencies will be trapped utilizing a worthless asset.
Crucially, blockchain technology is uniquely positioned to create a more open, more equitable, and more effective banking and financial infrastructure as people, goods, and currency move throughout the world. We are looking for entrepreneurs and builders to design these new protocols and financial instruments for global financial activity. We leave it to you to design the new conditions for global financial activity, and offer the following provocations as a place to get started:
- How might we design custom financial solutions for individuals
transacting in a global market?
- Examples: Only charging transaction fees for transfers between people that don’t know each other on the platform and a higher burden of proof for platform “Friendship,” creating a complete picture of someone’s financial history that considers all transactions including paid and requested transactions, allowing transactions for unbanked or populations without government-issued identities.
- How might we reinvent the definition and evaluation of financial risk?
- Examples: Gamifying assessment of risk tolerance, humanizing the process of smaller sized financial risks under a certain dollar threshold, leveraging a combo of local experiences and ever-present technology to make educated bets around financial risk.