# Financial inclusion `kaal:entity:financial-inclusion` **Status.** derived This node is assembled mechanically from the 14 claims that carry the concept tag `financial-inclusion`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself. ## Every claim under this term 14 claims across 11 works, 2017 to 2025. **2017** - [3067615-008](https://wulfkaal.github.io/claims/3067615-008) [mechanism/argued] -- ICOs filled the void left by constrained bank and non-bank start-up financing and enabled a democratization and inclusion process that facilitated banking disintermediation. > ICOs filled a void and enabled a democratization and inclusion process that facilitated banking disintermediation. Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615 **2018** - [3227933-012](https://wulfkaal.github.io/claims/3227933-012) [condition/argued] -- The only condition for hosting a copy of the blockchain and participating in the network is a smartphone or Internet connection, which is why the technology can extend financial inclusion to those traditionally excluded from financial services. > The only condition is that they have a smartphone or Internet connection. Everybody with a smartphone can create a real digital ID and interact with other people in the blockchain network. Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018). SSRN: https://ssrn.com/abstract=3227933 **2019** - [3396522-016](https://wulfkaal.github.io/claims/3396522-016) [design/argued] -- Because cryptocurrency transactions are possible without a banking relationship, stable cryptocurrencies can remedy the disproportionate burden that cash economies impose on the poor and the unbanked by equalizing access to the payment system. > Access to cryptocurrency transactions is possible without a banking relationship. With equality of payment system access, the poor and unbanked are no longer disadvantaged through the use of cash. Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies (2019). SSRN: https://ssrn.com/abstract=3396522 - [3402701-006](https://wulfkaal.github.io/claims/3402701-006) [empirical/evidenced] -- Transacting in cash imposes large measurable costs: roughly 200 billion dollars annually in the United States, about 637 dollars per person, driven by counting, managing, storing, transporting, guarding and accounting for bank notes. > In the United States, transacting in cash costs the consumer around 200 billion dollars annually - about $637 per person Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701 - [3406323-014](https://wulfkaal.github.io/claims/3406323-014) [condition/argued] -- Centralized fiat payment systems require consumers to hold an existing banking relationship, while holding and storing cryptocurrencies does not, which gives decentralized payment systems comparative advantages in orders of magnitude. > Centralized fiat payment systems and platforms typically require some form of an existing banking relationship in order for consumers to utilize their services. Holding and storing cryptocurrencies does not require a banking relationship. Wulf A. Kaal, Decentralization - A Primer on the New Economy (2019). SSRN: https://ssrn.com/abstract=3406323 - [3406323-017](https://wulfkaal.github.io/claims/3406323-017) [empirical/evidenced] -- The poor and those with less access to institutions bear a disproportionate share of the costs of using cash. > Several studies demonstrate that the poor and those with less access to institutions bear a disproportionate share of these costs of using cash. Wulf A. Kaal, Decentralization - A Primer on the New Economy (2019). SSRN: https://ssrn.com/abstract=3406323 **2020** - [3606663-024](https://wulfkaal.github.io/claims/3606663-024) [mechanism/argued] -- DeFi platforms grant the unbanked access to the loan market by disintermediating existing banks, connecting borrowers and lenders directly in peer to peer networks and accepting digital assets as collateral with far less documentation than banks require. > DeFi platforms grant the unbanked access to the loan market by disintermediating existing banks. DeFi Dapps connect borrowers and lenders in peer-to-peer networks directly. Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663 - [3709041-027](https://wulfkaal.github.io/claims/3709041-027) [predictive/argued] -- Developing and third world countries, unlike developed countries, will likely be enabled by blockchain technology to leapfrog several stages of development that legacy systems would otherwise require. > Unlike developed countries, third world- and developing countries will likely be enabled by blockchain technology to leapfrog several stages of development, otherwise necessitated in existing legacy systems. Kaal, Blockchain Technology for Good (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3709041 - [3709041-028](https://wulfkaal.github.io/claims/3709041-028) [mechanism/argued] -- Blockchain based land title records can serve as collateral for credit or as identity verification, removing a requirement that is often challenging and prohibitive for accessing both financial and non-financial services. > Such blockchain title data can serve as collateral for accessing credit or verifying identities which is often a challenging and prohibitive requirement for accessing both financial and non-financial services. Kaal, Blockchain Technology for Good (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3709041 **2021** - [3808859-028](https://wulfkaal.github.io/claims/3808859-028) [definitional/asserted] -- DeFi's distinctive disruption is that it attempts to make financial transactions permissionless, completely open to anybody, and borderless, promising reduced transaction costs, broader financial inclusion, and open access across borders. > The particular form of disruption in DeFi comes from its attempts to make financial transactions permissionless, completely open to anybody, and borderless. Wulf A. Kaal, Decentralization – Why We Need Technology Infrastructure Upgrades (2021). SSRN: https://ssrn.com/abstract=3808859 - [3808867-036](https://wulfkaal.github.io/claims/3808867-036) [condition/argued] -- Decentralized payment systems hold a comparative advantage over centralized legacy fiat systems because holding and storing cryptocurrencies requires no banking relationship, whereas centralized fiat payment platforms typically require an existing banking relationship. > Centralized legacy fiat payment systems and platforms typically require some form of an existing banking relationship in order for consumers to utilize their services. Holding and storing cryptocurrencies does not require a banking relationship. Wulf A. Kaal, How Decentralized Systems Can Upgrade AI (2021). SSRN: https://ssrn.com/abstract=3808867 **2024** - [4734750-038](https://wulfkaal.github.io/claims/4734750-038) [condition/argued] -- Because payment runs entirely through crypto transactions and reputation tokens rather than bank transfers, the only thing a micro task worker needs to earn a living on the platform is access to the internet. > All that is needed for a micro task worker to earn a living on the CRDAO is access to the Internet. Wulf A. Kaal, Code Review DAO (2024). SSRN: https://ssrn.com/abstract=4734750 **2025** - [5454054-012](https://wulfkaal.github.io/claims/5454054-012) [mechanism/argued] -- LER democratizes capital market access because consumers can earn equity-like voucher rewards through ordinary e-commerce participation, creating a new market for tokenized dividends. > Through LERs, consumers are enabled to earn equity-like voucher loyalty rewards through routine participation in metaverse or retail e-commerce ecosystems. LER, thus, create a new market for tokenized dividends. Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054 - [5454054-040](https://wulfkaal.github.io/claims/5454054-040) [empirical/evidenced] -- LER reduces holder churn by 20 to 50 percent, increases merchant throughput through revenue-generating redemptions, and democratizes capital access, all within a risk-lite framework aligned with the GENIUS Act and MiCA. > LER reduces holder churn by 20-50%, boosts merchant throughput, and democratizes capital access, aligning with U.S. and EU regulations. Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054 ## Verify Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust. curl -s https://wulfkaal.github.io/entities/financial-inclusion.md | sha256sum **Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.