Blockchain technology in Chamas

jumazaibu (25)in #finace • 7 years ago

In developing countries where people are unable to access banking, we create chamas, a Kiswahili word that means party but used by people who come together as a group and contribute money as little as a dollar to each other. The members of the group start the chama and a list is generated that dictates who gets the funds next. The everyone contributes to the person receiving the funds, these groups have worked without the need for banks and financial institutions for a long time now.
With the growing need for technology in our everyday life, there is need to ensure the trust in such groups is achieved, hence my interest in developing a such a group that utilizes blockchain. This can help reduce corruption and loss of member's contribution when they want to save the money.
This is the first step in trying to utilize this amazing technological breakthrough in ensuring that small groups of people can save money help them improve their lives.