Blockchain-based Startup Kora Network Builds Infrastructure for Inclusive Financial Systems
| Updated by Alexandra Sayapina · 3 min read
The new platform supports community-owned financial ecosystems bringing to them all the benefits of blockchain. The scope of the Kora project is global: even the Internet is no longer needed to get access to financial services – a simple phone with SMS/USSD is enough.
Blockchain technology is usually associated with the cutting-edge technologies and such things as mining farms and smart contracts. The cryptocurrencies were initially created by nerds and for nerds, later they became the mass phenomena. Nevertheless, the popularity of Bitcoin, Ethereum and other cryptos definitely depends on the IT infrastructure. Kora, the blockchain-based platform for inclusive financial systems, claims to change the situation.
The cryptocurrencies are no longer just a thing of hype – they have proved to have significant advantages that can upgrade the traditional financial systems. Such qualities of blockchain as high level of security and lower transaction costs can seriously improve the quality of financial services. What is more, these features can solve the problems of unequal access to the financial system.
Kora is making a significant step towards bringing the high-quality financial services to all the corners of the world. Its revolutionary system has significantly lowered the standards for massive adoption. The unique four-layer infrastructure will bring the Kora platform such advantages as low cost of transaction and universal access. An interesting fact about the innovative platform is that a user may access financial services not only via standard channels like with the Internet or a mobile app but with the help of SMS/USSD. That may be not a big deal for progressive cities where free wi-fi spots can be found anywhere, but the new approach of Kora can dramatically change the living in the underserved areas.
Faisal Khan, a key advisor at Kora, said: “For the first time in thousands of years, we have the ability to de-tether ourselves from the confines of the local governing financial intermediaries and are able to connect and conduct commerce around the globe, seamlessly. Something that has never been done before. This distributed technology will allows us to now think in a distributed manner, and in time, govern and regulate in a distributed manner as well.”
The key problems Kora faces are the overall difficulties of accessing financial services, lack of identification, wide spread of financial literacy, high transaction costs and lack of trust in existing financial technologies. All these points gain more weight when supported by statistics of the year 2017. According to the Global Findex Database 31% of people in the world above the age of 15 years did not have an account at a bank or another type of financial institution and the leading reasons for not having it were the high fees for financial services and geographical remoteness of financial institutions.
Kora has created a progressive solution that can eliminate these problems. The platform includes the protocol, data, applications and access layers. The combination of these layers makes KORA Network services globally accessible.
The main aim of the platform is to support the self-sustaining community-owned financial ecosystems. The Kora platform, for its part, is supported by the Kora Network Token (KNT). The public token sale started on April 23. The accepted currencies are BTC and ETH.
Alexandra is a software engineer who specializes in core banking systems development for financial and IT spheres. Taking strong interest in blockchain, cryptocurrencies, and IoT, Alexandra got deep understanding of the emerging techs believing in their potential to drive the future.