Not everyone has access to banks or financial institutions, to empower people in the rural population, several governments across the world pushed the idea of microfinance. Imagine you are a farmer from a relatively lower financial background, the chances of you qualifying for a loan from a conventional bank is too slim. Also, the financial assistance offered by microfinance organizations is not something conventional banks see as profitable. Quantitative data showed that the participants of microfinance programs usually emerges to a stronger financial base and hence developing economies around the world.All that being said, why is it not yet popular? Why is it not always successful? 
There are a few reasons for this:The processing costs of these loans are usually high, and the consumer is usually forced to bear them.It's a time-consuming.process, often you will be forced to wait longer than you can imagine.The process is not transparent, and usually, accusations follow microfinance programs.It can be corrupted, like the lack of transparency many who were ineligible obtained these loans.Here is where Blockchain can change things Blockchain technology can increase the trust and integrity of these services. Everything will be more transparent, fast and of course, the operational costs will be considerably low. Recently, India Niti Ayog started exploring the capabilities of Blockchain technology. The scope of blockchain is highly superior to any other technology that exists today.
