On Rapidfire Growth 5ire intends to solve the problem by connecting phone, email and digital wallets of the 1.5 billion people globally who are unable to participate using traditional financial services
By Entrepreneur Staff •
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Finance is a space that has taken off in the recent past. The global fintech market is supposed to grow to $300 billion by 2023 according to a report by Research and Markets. The fintech sector is a huge umbrella under which insuretech, cryptocurrency, banking, financial services, etc. are existent. However, with the growth of the fintech industry, a sizeable portion of India's population does not have access to technology or even a mobile. 5ire intends to solve the problem by connecting phone, email and digital wallets of the 1.5 billion people globally who are unable to participate using traditional financial services.
5irechain aims to bring a paradigm shift as the blockchain wants to embed sustainability taking a forprofit model to a for-benefit model. 5irechain's primary goal is to create a user centric sustainability-driven ecosystem, and it is able to achieve this by having sustainability deep inside the 5irechain consensus mechanism and runtime logic. Thus making sure that sustainable participation in the network or the real world is highly incentivized. Blockchains that exist do not have governance procedures which results in chain maximalism.
5irechain's transparent governance mechanism allows its consumers to democratically participate in the network and propose changes. 5ire is the first blockchain network that comes equipped with local governance solutions from the provenance of private property and title records, and recording private business transactions from business agreements, licenses, registration, and intellectual property registration, to personal credentials like passport, visa, driver's license, and birth records that are securely stored in blockchain systems.
5ire has worked to create a sense of community, both among its followers as well as its team members. Staying true to the company's belief in promoting sustainability, the company has centered its ethos on the 17 sustainable development goals set by the United Nations and are guided by it. According to Pratik Gauri, Founder & CEO, 5irechain, governmental agencies are beginning to witness the change brought forth by innovation. 5ire's experience of working with public sector partners in three continents has been extremely positive.
"Learn to get comfortable with failure. It is the only tool you need to innovate," said Pratik on his life lessons while building a fintech company. Growing rapidly, 5ire is teaming up with people passionate and focused on sustainability as they focus on solving problems with a communal mindset instead of focusing solely on technology.
