In lieu of birth certificates and ID cards, a blockchain scheme might offer identity verification via a smartphone photo and an audio voiceprint. Such proof of identity would enable person-to-person transfer of funds at minimal expense, Kshetri says.
Some 2.5 billion people do not have access to banking or financial services, he notes, and 1.5 billion people have no form of identification. With no recorded deed, property cannot be used as collateral to secure a loan to start a business. These conditions effectively exclude billions of people from participation in the 21st century economy.
Another aspect to Kshetri’s research focuses on the use of blockchain for digital currency like Bitcoin. Cryptocurrency, he posits, could potentially provide billions with the tools to improve their livelihoods and build wealth.
Cryptocurrencies offer advantages over credit cards and bank-based financial transactions. Transaction costs of 10 percent or more in Pakistan have been reduced to 1.5 percent or less thanks to Bitcoin, he says.
Kshetri has published seven books and around 100 articles on subjects such as cloud computing, cybersecurity, big data, and the Internet of Things, and he is widely quoted as a technology authority. He is currently a consultant to the United Nations Conference on Trade and Development and its biannual series, Information Economy Report. Based in Geneva, UNCTAD seeks to enhance the capability of societies to engage in trade and development.
“I’m just a regular guy interested in technology,” Kshetri says. “The advantage I have is that I was poor. I know the problems poor people face.”
