SBIR Phase I: Leaf Global Fintech: Blockchain-Backed Financial Services for Refugees and Migrants

The broader impact/commercial potential of this Small Business Innovation Research (SBIR) project is to enable secure, digitized financial services. Digitizing financial services lowers the risk of theft associated with carrying cash and greatly reduces exchange and transfer fees. The market is currently estimated at $42 B. The research will assess blockchain’s impact on customers lacking reliable access to cryptocurrency or smartphones. The results could include 60% cost reduction compared to traditional money transfer systems, <30 second transaction completions, and a 0% fraud rate. This SBIR Phase I project proposes to research and develop a blockchain-based money management solution to store, send, and exchange money without a smartphone or internet. Leaf’s core technology includes a blockchain back-end that powers an Unstructured Supplementary Service Data (USSD) front-end, allowing mobile devices to securely send and receive data without an internet connection. Custodial wallets on a public blockchain will provide a transparent and secure ledger. Custom digital representations of value (tokens) pegged to fiat currencies allow portability of assets without exposing users to speculative cryptocurrency risks. In conjunction with a novel identity management system, this solution will create economic identities for users without forfeiting control of sensitive data. Research will evaluate blockchain as a method of legally-compliant money storage and transfer, integrated with the fiat system. This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.