Tech founders, investors urged to tackle real-world problems with new technologies
Entrepreneur Mirakhmedov calls on startups to see beyond profits and prioritize inclusive innovation
Middle East tech founders and investors are being urged to take a united approach to tackle real-world problems through the use of AI, blockchain, and other technologies.
This call to action comes from Abdumalik Mirakhmedov, Co-founder of UAE tech venture company, Scalo Technologies, who says new tech must be applied to the task of helping almost four billion people who are either unbanked or have no internet access.
“Technology should do more than just drive profits,” says Mirakhmedov, an entrepreneur who helps guide the growth of tech startups into global markets. “It should push boundaries and solve real-world problems that affect people’s lives, especially those who are underserved or marginalized.
“Today, with rapid advances in AI, blockchain, and other technologies, we have a unique opportunity to create solutions that can lift entire communities out of poverty, bring essential services to the unbanked, and give a voice to those who have long been ignored by traditional systems.”
The World Bank says nearly 1.4 billion people globally have no access to banking services that many take for granted. This can be crippling, preventing them from saving money, getting loans, or taking part in the global economy.
Meanwhile, research suggests that achieving universal internet access by 2030 could cost $446 billion, yet generate a staggering $8.7 trillion in economic benefits for developing nations.
Says Mirakhmedov: “One of the biggest challenges for tech pioneers today is the deeper issue that sits at the heart of innovation: the digital divide. More than 2.5 billion people globally still lack access to the internet.
“Without connectivity, they are cut off from educational resources, healthcare services, and employment opportunities. Solving this issue is critical if we want to ensure that technology serves all people, not just the privileged.
“This is why tech founders and investors must prioritize inclusive innovation. By creating solutions for the underserved, we unlock human potential on a global scale. Our partnership is essential to drive positive change and help those struggling through life.”
Mirakhmedov believes one of the most exciting frontiers for the founder-investor partnership is the potential of blockchain and cryptocurrencies to revolutionize financial access for people without traditional banking services.
“Cryptocurrencies offer a decentralized way to make payments without a bank,” he says. “In rural areas, people can use their phones to buy things or receive money from family overseas, avoiding high bank fees.
“This is just the beginning of how decentralized finance can open doors for the underserved. Blockchain-based lending platforms are emerging that allow people without a credit history to borrow funds based on their blockchain transaction history.”
