How to Solve the Millennial Financial Crisis Using Blockchain

Our world and our economies run on credit. However the young adult population that consists of millennials and Gen-X’ers are starved of credit by traditional banking institutions

The young adult population comprises of a growing number of under-banked people around the globe who are discriminated against by centralized financial institutions because of their lack of savings, income and a borrowing/credit history. Rising costs of living, student loan debt and fewer jobs have compounded on the millennial plight.

Since the old banks are fully immersed in their ancient ways, the solution to the millennial financial crisis will not be coming from them. Instead, it seems that the solution lies with the blockchain community.

And, the reasons why the blockchain system is a perfect adaptation for a credit system are:

• it allows all transactions to be visible to all members of the network,
• it allows each transaction to serve as a data point for an algorithm to calculate each individual’s creditworthiness for future transactions &
• it can also ascertain the eligibility of new members based on the algorithm

The Celsius Network Solution

My team at Celsius Network and I aim to extend credit to everyone that is currently squeezed out of, or have limited access to archaic and inefficient financial systems. We hope to come to the aid of the under-banked young adult population through our Celsius platform — an Ethereum-based community for lending and extending money using smart contracts.

Read more about our peer-to-peer lending network on the Celsius Network blog: https://medium.com/@CelsiusNetwork/why-millennials-and-gen-xers-need-cryptocurrencies-6f1b053130ff