There are many issues with the traditional, centralized banking systems but the greatest of these is the exclusivity. Many people are left unable to interact with the world outside their small ecosystem due to the lack of banking infrastructure. According to the new Global Findex database, only 41% of adults in the developing world have bank accounts. Also statistically, 27% of the population suffer from a lack of adequate financial institutions. There are obvious reasons for under banking, such as a lack of physical bank branches due to security concerns or lack of market, as an example. But some of the less obvious reasons may include a cornered market by paycheck cashing services, restrictive rogue and gang military activity, and an extremely high-fee barrier of entry. Blockchain technology provides unique solutions to many of these problems, but the solutions are entirely limited by global Internet usage penetration, which sits at around 55% worldwide.
Vodi X believes in changing much of that. We want to reduce the hassle and inefficiency through our decentralized e-commerce ecosystem which has true potential to create 100+ million jobs worldwide and democratizes wealth distribution. The Vodi X project opens doors to the unbanked communities and enables them to exchange value for value on the blockchain.
