Week 1: September 7th – 14th: Defining Assumptions
a). Choose which challenge you are going to be working on? → Financial Inclusion
b). Define specific problem you’re addressing? → Developing a social credit score, allowing community contributions to advance in obtaining credit, employment, insurance and housing
c). Why is blockchain needed to solve this problem? → A higher degree of security and trust, proving valuable opportunities for those without credibility. It also promotes a higher degree of openness, and dependability, as a public ledger it can be looked by anyone to see all blocks on the ledger Without any third party influence, it will allow the dependability on 3rd parties to determines an individual’s credit rating Source: https://richtopia.com/tech/blockchain
d). what is the size of the market? →1.2 Billion People Source: http://www.worldbank.org/en/topic/financialinclusion/overview
e). What other solutions are currently being used to address this problem? →N/A
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