Adoption of Blockchain as a Solution Strategy for Financial Inclusion

Abstract

Reviewing the research on ‘financial inclusion,' ‘adoption,' and ‘blockchain in India,' the authors of this chapter find that addressing financial exclusion necessitates overcoming four obstacles: limited geographical accessibility, poor banking products, exorbitant charges, and a lack of financial literacy. Blockchain technology can solve the majority of these problems. The authors have planned a research agenda on implementation experience, agreement patterns, and approved outcomes to help direct the development of this understanding. Finding the answers to these study questions would help us understand how blockchain-based technology is being adopted in rural India differently. This study makes a practical contribution by discussing how blockchain might diminish the problem of financial exclusion in rural India and create a global network system that could link rural India. The authors tried to reveal the gaps in knowledge that need to be filled in order for rural Indians to be financially included constitutes the theoretical contribution.

Digital financial inclusion in micro enterprises: understanding the determinants and impact on ease of doing business from World Bank survey

“…The concept of digital financial inclusion refers to the provision of low-cost digital access to financial services, with a particular emphasis on economically underserved demographics (Svotwa et al 2023;Naumenkova et al 2019). The most important thing about digital finance that it uses the Internet platform, which has low marginal costs, to spread inclusive finance efficiently and effectively (Sharma et al 2023a;Chen and Zhang, 2021). DFI is a result of the advancement of inclusive finance facilitated by the utilization of the internet, big data, and other related technologies (Zhou et al 2023;Chen et al 2022a).…”

“…The main factor that contribute to failure of small and medium-sized enterprises globally is inadequate financial resources throughout the operation of the business (Hall, 1992). The primary barriers to the growth of SMEs include inadequate access to credit, limited market connections, inadequate training, deficient human resources development programs, reliance on government support and a passive mind set, fluctuations in government policies, price fluctuations, weak connections, and inadequate market and product development strategies (Sharma et al 2023b;Singh et al 2023a;Faal, 2020;Irjayanti and Azis, 2012;Tahi Hamonangan Tambunan, 2011;and Olawale and Garwe, 2010). Digital financial inclusion plays a crucial role in empowering micro-enterprises, which are small businesses with limited resources and often operate in underserved or remote areas.…”