Blockchain technology uses a sophisticated, tamper-proof, record-keeping database to help people verify their identity, allowing them to access a bank account, insurance, and many other financial services. Blockchain’s ability to give people control over their digital identities makes it an increasingly important tool in mitigating inequality around the world.


People living without adequate records are often locked into poverty and exclusion. As many as 2 billion people worldwide are without a bank account. They tend to use only physical currency, making them vulnerable to theft. Furthermore, they cannot borrow money via a formal loan, nor can they access most insurance. Blockchain can correct this systemic failure that excludes too many from the economy by enabling people to get a digital identity. Simply put, blockchain is an open source digital ledger that acts like an accounting book and tracks all transactions. Everyone owns it but no one individual can make changes, making it tamper-proof. Blockchain allows people to prove their identity, enabling them to record transactions – and, hence, enter the global economy.

Blockchain is an immature opportunity space, with many competing versions of a blockchain future. While blockchain is no longer just a theory, it is still a long way from mainstream adoption. Predictions point to mainstream uptake in 2025, but it may arrive much faster.

Blockchain applications include payments, exchanges, smart contracts, and digital identity. Applications for remittances are also emerging, promising to significantly decrease their cost, which is currently the second-largest source of external financial flows to developing countries. A remittance app allows person-to-person money transfers and the ability to store digital cash directly on a mobile device. The user can send funds instantly to anyone with a smartphone, and the user is not required to have a bank account.

Other blockchain-based potential products in this opportunity space are peer-to-peer lending platforms and peer-to-peer insurance platforms. Here, the role of the insurance company would change; it would calculate the risk profile of a person requesting insurance on the platform and match that user with someone or several people who will supply the insurance at a given rate of return.

The blockchain technology market is estimated to grow from 210.2 million USD in 2016 to 2,312.5 million USD by 2021 at a compound annual growth rate (CAGR) of 61.5 percent. This market is growing rapidly because of blockchain’s high adoption rate across various applications such as payments, smart contracts, exchanges, digital identities, and documentation.

Barclays Africa and its UK parent company, Barclays PLC, completed the world’s first trade finance transaction using blockchain technology in September 2016. It saves a lot of time – typically these documents take anywhere from 2 to 10 working days to be delivered from party to party, whereas now it can be done electronically in hours or minutes.

Key Numbers


potential reduction of remittance transaction cost by using blockchain


of land rights remain unregistered worldwide


people are unbanked worldwide


SDGs - Conflict free natural resources

Solutions for this Opportunity

Affordable Land Rights Documentation

Landmapp is a mobile platform that provides smallholder farmer families with secure documentation for their land.
Location: Ghana See this solution

Affordable Formalization Services in Latin America

Suyo helps families in Latin America an affordable and reliable way to get their property formerly recognised and secure their rights.
Location: Colombia See this solution

Land Title Protection in Ghana

BitLand aims to quell land disputes and corruption around real estate by creating a decentralised and transparent database for land titles on a public ledger.
Location: Ghana See this solution

Efficient and Low-cost Money Transfer

BitPesa offers businesses and individuals a fast and cost-effective way to send and receive payments thanks to blockchain technology.
Location: Kenya, Nigeria, Tanzania and UgandaSee this solution

Blockchain-Enabled Mobile Platform

Coins, a blockchain mobile platform, enables anyone, including those without bank accounts, to access financial services, remittances, bill-payments and other mobile wallet services.
Location: Philippines and Thailand See this solution

Permanent and Secure Platform for Data Storage

Factom Apollo™ uses their software to audit and combine multiple sources of data into a single immutable record, stored on a decentralized system.
Location: Global See this solution

Secure and Efficient Transactions for Start-up

CCEDK developed OpenLedger, a crowdfunding space for start-ups that allows users to trade assets in near-real time, securely and with low fees.
Location: Global See this solution

Mobile banking for Communities Worldwide

By the use of blockchain, Atlas enables people all over the world to transfer money securely in any location they choose without having to go through major banks.
Location: Global See this solution



On the overall ranking, financial inclusion using blockchain technology is not perceived as an opportunity business, governments, and civil society have a high capacity to pursue. Furthermore, this opportunity is also perceived to have a low impact on society. These findings signal blockchain is not a mainstream technology. Sub Saharan Africa, however, seems to be ready for blockchain to support financial inclusion, as leaders there rate it as their second most preferred of all 15 opportunities.

Regions containing clusters of countries that rank lower on the Human Development Index look more positively at the current capacity to develop this market and see a greater potential for it to make a positive impact on society.

Globally, the opportunity is ranked number 6 on both of these parameters. According to the survey, it appears the market is most appealing to respondents under the age of 30 as well as to women.

Capacity to Grow the Market

Respondents in India feel confident the capacity (political, economic, and technical) exists to grow the market for blockchain-based financial products. However, in the rest of the world, the capacity, in all three dimensions (economic, technical, and political) to develop financial products based on blockchain technology is perceived to be in the very low end of all opportunities. The political capacity to grow this market is perceived to be particularly low in Europe and in North America in the eyes of leaders in these two regions.

Opportunity Business Case

Compared to the other opportunities presented in this report, business leaders have not expressed confidence in the strength of the business case of engaging in this market opportunity and they do not believe their organisations are likely to pursue it to the same extent as other opportunities. The exceptions are China and Sub Saharan Africa, where blockchain-based financial products represent the second most favoured opportunity.

Sector Impact

Overall, this is the opportunity civil society is least likely to advocate for. The exception is, again, Sub Saharan Africa, where both government and civil society can be expected to actively advocate for this market.


Perceived benefits from pursuing this opportunity (x), and capacity to do so (y), World and geographic regions. Scale goes from -10 to +10.



Across geographic regions. Scale goes from -10 to +10.


Across business sectors regions. Scale goes from -10 to +10.

Learn more about the Global Opportunity Report 2017

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