Review on Humaniq by Olugbenga Ajayi
Illiteracy may threaten the actualization of eir goals
Humaniq project has a very good and feasible goal. They aim at providing financial services to a large multitude of unbanked people the world over.
They will accomplish this by creating a system that can identify and register these individuals on their blockchain and use biometric authentication system to identify these people and offer all services common to banking and more than it to them.
ThIs project will assist both individuals and businesses by keeping them in an ecosystem of users where they can all interact, merge and access all services common to financial institution. These includes commission free loan, business guide, security, exchange and lots more.
Unfortunately, majority of these unbanked ones are from Africa and Asia and one thing that is common to them is lack of education. This may be a serious threat to the actualization of Humaniq goals. Illiterates individuals would not mind having others thumbprint for them. This will really wreck havoc on the security of the project.
Pros
- Individuals and businesses can get all security inherent to blockchain technology for their data and digital assets
- All project on humaniq can be merged and thus enjoy a lot of opportunities since its API is open source
- Users can access commission free loan
- The app is usable on mobile
- The interface is easy to use
- Humaniq can help startup and other related projects by making it possible for them to bring their services to billion of people around the world
- Users will enjoy way accountability
- Users will enjoy a lot of controls over their assets
- Financial services can be accessed without leaving the comfort of one's home
Cons
- It is unlikely that humaniq achieve the goals due to the fact That majority of these unbanked individuals are from Africa bad Asia where level of illiteracy is high and this may even be the major reason for their being unbanked. Most of these people would undermine the seriousness of biometric authentication and may even ask friends and family to thumbprint for them.
