A collaborative initiative between the Mann Deshi Foundation and the Algorand Foundation has transitioned from a pilot phase to a full-scale implementation of a digital identity and credit scoring solution for women entrepreneurs in rural India.
The system utilizes blockchain technology to create secure, verifiable digital records that replace traditional paper-based documentation, which is often a barrier to obtaining formal loans. This approach to credit scoring also generates an alternative method for establishing creditworthiness for individuals who lack a conventional financial history.
By integrating with India’s digital identity framework, the credit scoring solution allows participants to share verified credentials with lenders through a smartphone application. This streamlined process will enable thousands of women, many of whom are seeking loans for the first time, to access capital from formal financial institutions to support their small businesses.
Image Credit: Mann Deshi Foundation x the Algorand Foundation
