Please describe your proposed solution.
The proposed solution is to build a new ecosystem leveraging the Cardano blockchain. The project will incentivize the usage of a “Digital Identity + stablecoin” solution to create a digital public infrastructure (DPI) enabling financial inclusion and economic opportunities.
The project will provide the ecosystem's cornerstones, allowing any third party or NGOs to join this new DPI. The project is not replacing the existing social actors, but rather providing a free decentralized platform to build on top of it.
The project will also finance the deployment of ID Terminals collecting biometric data of individuals in Africa to provide them an identity. Biometrics machines allow the collection of unique data to give an identity to the excluded people. When combined with a digital wallet, everyone can be included and benefit from the digital economy.
The project is unique as it leverages blockchain technology to address the issues of financial inclusion and identity. It will benefit the unbanked and unidentified populations, particularly in Africa and Asia Pacific. This is important to Cardano as it aligns with its mission of providing financial services to the world's unbanked population.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
The proposed solution addresses the challenge by providing a digital identity and stablecoin solution on the Cardano blockchain. This combination will boost the Cardano ecosystem by creating a positive network effect to grow the user base and solution's utility.
The project will have a significant impact on the Cardano ecosystem. It will bring more users to the ecosystem, particularly from underprivileged groups in developing countries, thus expanding Cardano's reach and influence. The project will also strengthen the ecosystem by providing a solution to a key problem - financial inclusion and identity.
The project will also contribute to the Cardano ecosystem by providing a platform for other actors (NGOs, stakeholders, etc.) to join and combine forces for a better impact. This will foster a more vibrant and diverse ecosystem.
In terms of quantifiable impact, the project aims to provide digital identity and financial services to a significant portion of the 2 billion unbanked and unidentified individuals worldwide. This will likely result in a substantial increase in the number of users and transactions on the Cardano blockchain.
How do you intend to measure the success of your project?
The success of the project will be measured using both quantitative and qualitative metrics.
Quantitative metrics include:
- Number of identities created
- Number of transactions performed
- Number of women with an identity
- Number of women having taken a course on digital and financial education
Qualitative metrics include:
- User feedback: The project will gather user opinions to assess the effectiveness and impact of the solution.
- Social impact: The project will assess its impact on financial inclusion, social mobility, and gender equality.
- Ecosystem development: The project will evaluate its contribution to the development of the Cardano ecosystem.
The project's innovation will enhance Cardano's productivity and growth by expanding its user base, fostering financial inclusion, and promoting education about digital and financial literacy. This will have both short-term and long-term benefits for the Cardano ecosystem.
Efficiency Improvements: We will measure the time and cost savings achieved by users through the streamlined document verification and digital signing processes facilitated by our platform. These metrics will indicate the tangible benefits and increased productivity resulting from the adoption of our solution
Our innovation will bring immediate benefits to Cardano's productivity by providing a practical solution to document authenticity verification and fraud prevention. It will streamline transactions, reduce the risk of fraud, and improve overall efficiency, resulting in faster and more reliable processes.
Please describe your plans to share the outputs and results of your project?
The project plans to share its outputs and results in several ways:
Collaboration with Third Parties: By providing the ecosystem’s cornerstones, the project will enable any third party or NGOs to join this new DPI. The project is not replacing the existing social actors, but rather providing a free decentralized platform to build on top of it.
Scalability: The project's model can be replicated all around the world. Many different stakeholders in the social impact environment are looking for such a platform to connect with.
Engagement with Local Communities: The project will cooperate with local communities to explain DID and educate the people about blockchain. This will help in creating a network effect within the communities and a positive network with other NGOs or third parties to improve this nascent ecosystem.
The results generated from the project will be used in further research and development activities. The project aims to continuously improve and expand its offerings based on the results and feedback received.
The project's ambition is to set up the cornerstones to further develop the blockchain ecosystem over time, partner with different communities for further adoption, and replicate the model all around the world with a focus in Africa.