According to CoinDesk reported that West African country Sierra Leone has entered into partnerships with United Nations agencies, we will launch a technology-based and non-profit organizations to develop blockchain ID recognition system.
The decision was jointly announced by the United Nations Capital Development Fund (UNCDF), the United Nations Development Programme (UNDP), the President of Sierra Leone, Julius Maada Bio and the non-profit organization Kiva at the 73rd session of the United Nations, and named it “the credit bureau modern project.
According to Kiva, the reason why Sierra Leone became a country of choice is that it has only one credit bureau serving 2,000 people, less than 1% of the country’s total population. And 80% of the nationals in Sierra Leone still do not have a bank account.
UNCDF Deputy Executive Secretary Xavier Michon said in a statement that Sierra Leone will have the opportunity to surpass other countries by implementing a new citizen banking model. He said:
“Through the implementation of this system, Sierra Leone is embarking on the establishment of a state-of-the-art and safest credit institution. It can serve as a model for future developing and developed countries and may fundamentally change the pattern of financial inclusion.”
The project hopes to provide a personal identification tool, a personal digital wallet and its credit history for every national in Sierra Leone.
The system that promises that Sierra Leone nationals will have complete control over personal data is known as the Kiva Agreement, allowing nationals to record all borrowing and repayment transactions on their blockchain. Government and non-Kiva partners can use the credit score of the Kiva blockchain as a valid credit score before entrusting the loan.
According to reports, Sierra Leonean nationals have the option of showing credit scores to those they want, giving people more autonomy over personal data and credit scores.
[su_quote]This article is writing on 29 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]
The Information Presented Here Does Not Constitute Investment Advice Or An Offer To Invest. The Statements, Views, And Opinions Expressed In This Article Are Solely Those Of The Author/company And Do Not Represent Those Of Coinworldstory. We Strongly Advise Our Readers To Do Your Own Research (DYOR) Before Investing In Any Cryptocurrency, Blockchain Project, Or Ico, Particularly Those That Guarantee Profits. Furthermore, Coinworldstory Does Not Guarantee Or Imply That The Cryptocurrencies Or Projects Published Are Legal In Any Specific Reader’s Location. It Is The Reader’s Responsibility To Know The Laws Regarding Cryptocurrencies And Icos In His Or Her Country. Please Respect Your Country Law & Take Advice From Your Advisor .