Digital finance has a vast potential to grow emerging economies and foster sustainable infrastructure and innovation. Already around the globe, young people have been facing unemployment and uncertainty in the labour market. Moreover, the global COVID-19 health crisis has only exacerbated those challenges and increased youth unemployment. According to the International Labour Organisation, youth employment fell 8.7 per cent in 2020 with the most pronounced fall seen in the middle-income countries. Now, more than ever, the world needs to contribute to the Sustainable Development Goal 9 to build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation in order to create employment and sustainable living conditions for our future generations.
At AgAu, we strive to drive financial inclusion and make a long-lasting impact with our work; we believe that the success of the SDGs and Agenda 2030 depends on sustainable growth in line with SDG9. The World Bank states that financial inclusion implies that everyone, whether it is an individual or a business, has access to attainable and affordable financial services and products that are delivered in a responsible and sustainable way. Financial inclusiveness can especially have remarkable effects on the economic growth of developing countries.
Our mission, at AgAu, is to bring forth a Peer-to-Peer Electronic Money System that increases financial inclusion using innovative and secure technologies. We use Blockchain and Smart Contracts to create a stable, secure and reliable form of money backed by silver and gold. The blockchain technology combines transparency with industry innovations and infrastructure improvements that directly targets SDG 9 by fostering innovation. It builds resilient and transparent supply chains, create a strong and accountable public institutions and spore responsible sourcing and consumption.
In particular, we use the Ethereum blockchain, which is the most popular and decentralized public blockchain with the largest ecosystem. To be more precise, a blockchain is a distributed public ledger where all transactions are verified and recorded. It offers secure mobilization of our tokens and all the transactions are open to public and international audit, which ensures the accountability of the process.
Data about each transaction or bundle of transactions is structured into blocks that are verified and validated. Once the blocks have been validated, they are then added to all the blocks before it in a cryptographic chain. All previous transactions are recorded on the blockchain creating a transparent and secure database for the record of purchase and transfer history. AgAu, however, does ensure its clients’ privacy as the ownership of the crypto wallet, through which one requests a transaction, is theoretically anonymous.
The Ethereum blockchain also uses “smart contracts” to execute immediate transactions leaving the need for a third party to be involved in negotiating contract terms. As one of the most transformative blockchain application, smart contracts are simply a program that automates payments and transactions of currency or other assets when all negotiated conditions are met. Smart contracts can define rules, like a regular contract, and automatically enforce them via the code.
AgAu uses the most transparent, straightforward and secure technologies that fuel innovation and are accessible to all those who own a mobile phone and an internet connection in order to be a driver of digital financial inclusion. In 2014, nearly 80 percent of adults in emerging economies possessed a mobile phone, while only 55 percent had financial accounts. In 2020, the United Nations’ Statistic Division assessed that almost the entire world population lived within range of mobile networks, with 85 percent covered by 4G network. With such coverage and accessibility to mobile phones, digital financial inclusion for all, has a vast potential of becoming a reality. AgAu aims to utilize the benefits of internet accessibility and blockchain technology and serve as an essential innovator to allow inclusion and participation in the world economy.
To learn more about AgAu and its contributions to the Sustainable Development Goals, click here.
Learn more about AgAu.io: The Peer-to-Peer, Electronic Money System
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