Several companies worldwide are developing new blockchain-based financial systems that offer unbanked people efficient, transparent and scalable payment solutions. One of the key features of blockchain that enables this is the creation of digital identities. This is a way around the problem many banks have in serving the unbanked. Many people without bank accounts can’t get them because of “Know Your Customer” rules that require banks to only serve people with clear identifying information. Blockchain’s universal nature also allows low-income individuals in different countries to save and lend together.