Multisig in Real Life: an Unexpected Blockchain Proof of Concept in Senegal
For anyone who’s ever doubted the potential for individuals to adopt blockchain practices to power the future of banking, we’d like to introduce you to Aida, a local community leader, in Senegal (on the right):
Aida is one of four leaders, of a 300-person women’s economic co-op. Imagine: entrepreneurs, of all walks of life, aligning to share livelihoods to build thriving businesses. In addition to working together, this community maintains its own, independent banking infrastructure. It is a trust-based environment where women are empowered to lead.
In an unintentional moment, Aida validated the entire premise of blockchain in banking
During Access’s most recent trip to Senegal, Aida offered to show us around. On a tour through her community, she led us to three black boxes.
The Access team asked, “What’s that?” — expecting to find spare cash inside. There wasn’t.
The answer surprised us, beyond what our imaginations could have expected.
So What Was Inside?
Inside the three boxes was a complete ledger of transactions for the women’s cooperative.
Four different women each held a key — and all four keys were necessary to open each box.
You can think of this on-the-ground economic activity as a pen and paper version of blockchain, with multisignature technology layered on top of a distributed ledger. The co-op has been running their banking infrastructure this way, for decades.
When we say blockchain is the future, it is also our past and present. The technical side of the equation merely adds a layer to how people build their livelihoods, every day.
See It Yourself
Access CEO Mickey Costa shares his experience.
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Contributors Statement
This work was a collaboration between the entire Access Network team, ranging from the CEO to CTO, COO, Chief of Staff, and other members of leadership. Emily Burchill, Shannon Wu, Ritika Puri, and Karissa Domondon created this story.
Disclosure
The opinions expressed are those of the authors and are no guarantee of the future performance of any Access Network fund or service. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice. Access Network is currently unlaunched and has not announced a token generation event. Blog posts are intended to provide education about the business model and its path to development, only.
