Blockchain Use Cases for Inclusive FinTech: Scalability, Privacy, and Trust Distribution

Electronic version of an article published as [The Journal of FinTech, Volume 1, Number 1, 2021, 35 pages] [https://doi.org/10.1142/S2705109920500030] © [copyright World Scientific Publishing Company]

Posted: 8 Jul 2021

See all articles by David Kuo Chuen Lee

David Kuo Chuen Lee

Singapore University of Social Sciences (SUSS); National Univeristy of Singapore; Shanghai University of Finance and Economics

caroline lim

Singapore University of Social Sciences

Multiple version iconThere are 2 versions of this paper

Date Written: July 2, 2020

Abstract

Few blockchain centric projects have gone beyond their white paper or proofs-of-concept. While many have fallen below expectations and failed to address the fundamental issues of scalability, privacy, and trust distribution, there are a few “imperfect” projects that are making an impact on society. We describe the lessons learned from three projects and highlight their “improvisions” in achieving their vision of serving the underserved, and identify areas of possible improvements. Our research has shown that mass adoption of blockchain technology will accelerate in financial industry and supply chain with private permissioned blockchains, but these e-inclusion projects using “Inclusive” Blockchain will take a longer time with OnChain/OffChain complexities. A long-term view is needed to build a Noah’s Ark as the rush to build the Tower of Babel to harness short term gain may not bring net benefits to the economy and society.

Keywords: Blockchain, scalability, privacy-preservation, trust distribution, e-inclusion

JEL Classification: G1, G2, O33

Suggested Citation

Lee, David Kuo Chuen and lim, caroline, Blockchain Use Cases for Inclusive FinTech: Scalability, Privacy, and Trust Distribution (July 2, 2020). Electronic version of an article published as [The Journal of FinTech, Volume 1, Number 1, 2021, 35 pages] [https://doi.org/10.1142/S2705109920500030] © [copyright World Scientific Publishing Company] , Available at SSRN: https://ssrn.com/abstract=3872191

David Kuo Chuen Lee (Contact Author)

Singapore University of Social Sciences (SUSS) ( email )

461 Clementi Road
Singapore, 599491
Singapore

National Univeristy of Singapore ( email )

1 Business Link
Singapore, 117592
Singapore

Shanghai University of Finance and Economics ( email )

Shanghai, 200433
China

Caroline Lim

Singapore University of Social Sciences ( email )

461 Clementi Road
599491
Singapore

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