When I started pitching my blockchain-based startup in 2018, I included a sobering statistic to indicate the size of the total addressable market: 68 million people around the world were forcibly displaced at the time. Most of them were under and unbanked, with few financial services available to them. Five years later, that number is almost double. Over 108 million people are displaced; their financial options remain alarmingly similar. One area of substantial change has been in blockchain-enabled services. Digital wallets provide much-needed access to the formal financial system as the cost of remittances remains stubbornly high, bank de-risking plagues financial inclusion efforts, devaluation of local currency erodes savings, and local identity requirements exclude many immigrants from accessing bank accounts. Users benefit from the global nature of blockchain-based products, with portability of funds and easier preservation of value when crossing borders. For people on the move, this combination of traits is rare. Even for those not at risk of being displaced, economic instability has created a predictable cycle of crisis across the world. Digital wallets allow people in emerging economies to access global currencies through fiat-backed stablecoins. This mitigates the impact of local currency devaluation in environments in which every peso, kwacha, franc, or shilling matters.

I’ve seen firsthand the impact these products make for marginalized populations. I built a digital wallet for refugees and migrants in Africa, Boss Money, that was acquired by IDT (NYSE:IDT) in 2022. As we scaled across the continent, we witnessed how cross-border, blockchain-enabled services could benefit not just refugees but small traders, families, and travelers. Rather than sending money in an envelope on a bus, a user could cash into Boss Money digitally from their Ugandan mobile money account and pay for a family member’s utility bill in Kenya. I could travel from my home in Rwanda to a neighboring country without needing cash or a mobile money account in that country. As products must always be driven by their user base, we built the wallet for basic phones (non-smartphones) first. We added a smartphone app several years later. Even people with a smartphone can access Boss Money through USSD without needing data or an internet connection. The wallet processes all transactions over the Stellar network in local currency stablecoins. Boss Money continues to thrive under IDT and enable economic security for the marginalized.

I joined the Stellar Development Foundation last year to lead the development of Stellar Aid Assist after Russia’s full-scale invasion of Ukraine. Stellar Aid Assist helps humanitarian organizations like UNHCR to send funds to people in need. Many humanitarian organizations operate cash and voucher assistance (CVA) programs as an alternative to providing physical goods like blankets and food. These programs allow recipients to have agency over their day-to-day lives, even in a time of crisis. They have been proven effective across the world. However, the legacy financial system presents hurdles to cash programs and interrupts the amazing work humanitarian organizations perform. Bank wires are expensive, slow, and only applicable to a portion of the recipient population. Money in transit is difficult to track. Delivering funds in physical cash can place recipients (and staff) at risk. The shortcomings of the legacy financial system disproportionately affect marginalized populations. Shifting these payments to a blockchain like the Stellar network benefits both the senders and receivers of funds. Humanitarian organizations can process tens of thousands of payments nearly instantly, for negligible fees, with 100% certainty when funds arrive. It doesn’t matter how big or small each payment is. Receivers can access their money on their phone, no matter where they are or where they go. They receive funds in a stable form like digital dollars on the Stellar network. They can cash out funds digitally or to physical cash through global off-ramps like MoneyGram International. These funds serve as a lifeline in a time of crisis. Stellar Aid Assist is powered by the Stellar Disbursement Platform, an open source bulk payments tool that is free and accessible to all. The Stellar Disbursement Platform is equally beneficial outside of aid for use cases like cross-border payroll, government social programs, and paying freelancers around the world who cannot access bank accounts.

My biggest lesson through this journey is that, generally, users don’t care about the tech. They care about what a product enables for them and/or how it makes their life better. I liken this to using an elevator. I don’t need to know how the elevator works. It conveniently transports me up and down. I might not use it every time an elevator is available but it can be immensely helpful in certain situations. I trust it to get me where I need to go. Blockchain does the same for financial transactions. It serves as a conduit for transporting value. It is not appropriate for every situation but can enable new access and make life measurably better in certain contexts. It’s worth noting that elevators didn’t become commonplace or trusted overnight. Music was installed to make people less anxious. A human operator helped users navigate the system. This is our role as people working in the blockchain and crypto industry. Yes, we build the tools, but we can’t stop there. We also must build the safety standards, ensure adequate regulatory oversight, and help people become comfortable with the products in whatever ways speak to them. When we shift our focus to creating a pleasant ride with a clear, beneficial outcome instead of blasting the mechanics, we will see widespread adoption, comfort, and sustainable impact.

Tori Samples is a Senior Product Manager at the Stellar Development Foundation, where she leads humanitarian use cases and bulk disbursements. Before SDF, Tori was Co-Founder and CTO of Leaf Global Fintech, a blockchain-based digital wallet providing cross-border financial services on smartphones and non-smartphones. Tori built Leaf's system from the ground up in Rwanda. Initially designed for refugees and cross-border traders, Leaf operates across East Africa as Boss Money and was acquired by IDT Corporation (NYSE:IDT) in 2022. Tori's background before Leaf was in tech as a Data Architect. She has an MBA from Vanderbilt University and is a certified Expert in Financial Inclusion Policy through the Alliance for Financial Inclusion and the Frankfurt School of Finance & Management.