From Remittances to Revolution: Blockchain’s Potential to Transform Social Interactions and Financial Inclusion in Bangladesh

Abstract

Remittances from Bangladesh’s migrant diaspora are vital to the country’s economy since they support household earnings and economic growth. However, there are several drawbacks to traditional remittance systems, including high costs, opacity, and restricted accessibility for populations without bank accounts. This essay explores how blockchain technology has the power to completely change the way Bangladeshis receive and use remittances. The study explores how blockchain technology might improve cross-border transfer speed and security while streamlining remittance procedures and lowering transaction costs. It also looks at how the immutability and transparency of blockchain technology can increase user confidence, which in turn can help to promote financial inclusion and build a more welcoming ecosystem for Bangladesh’s underbanked and unbanked communities. The socio-economic implications of blockchain are also covered in the study, along with how technology can empower people by giving them more control over their financial holdings and promoting decentralized social interactions. It examines the idea of decentralized finance and how it might change conventional banking arrangements while also reducing the grasp of middlemen. The implementation of blockchain technology in Bangladesh is examined critically in this article, taking into account social acceptance, legal frameworks, and technological accessibility. Ultimately, the goal is to show how blockchain technology may help Bangladesh achieve a more inclusive and equitable financial future by doing more than merely expediting remittances.