Blockchain Technology: Is it an Accelerator for the Incomplete Agenda of Financial Inclusion?

The present research is undertaken with the objective of investigating whether Blockchain Technology (BT) drives and accelerates financial inclusion or not considering the existing state of financial inclusion. The research design of the study is descriptive in nature. The study is based on secondary information collected from The World Bank, National Association of Software and Service Companies (NASSCOM), Infosys limited, Cognizant Technology Solutions, Reserve Bank of India, Deloitte, International Financial Corporation, and Avasant Consulting. Blockchain Technology has the potential to be an alternative to the existing financial system. But, there is a long way to go to replace the existing financial system by BT because BT is in the nascent stage and replacement requires heavy capital investments. So, it is a rational idea to use BT to supplement the existing financial system. BT adoption in the financial system resolves almost all the problems presently encountered by the financial institutions to reach complete financial inclusion. BT creates digital identity, prompts near real time payment settlements, reduces transaction costs of the customers, reduces operational and administrative costs of the financial institutions, develops trust among the customers, and ensures access to financial services by everyone at anytime round the clock and round the year. This is a first such a detailed study that focuses on how does the features of Blockchain Technology accelerate the financial inclusion from the existing state of financial inclusion.