How Blockchain and Smart Contracts will Make Difference in Developing Countries
The public sector is a complex mechanism and centralized system that is developed differently in every country. Therefore, the effectiveness of public administrations as such, as well as coverage of the needs of population depends on how well the public system is developed. Sometimes, the complexities in the interaction of a person and the system cause the rapid growth of intermediaries. The more intermediaries — the more expensive and more complicated the service becomes. In the countries where public sector organized properly and has trust of its citizens, there are fewer opportunities to disclose the potential of blockchain. Nevertheless, in those areas where the level of such trust is low, and public institutions are struck by corruption, blockchain becomes an effective alternative. For instance, countries such as Latin America, Central and South Africa and South Asia are far behind the leaders in this area. Except this, the areas with volatile currency, high inflation and political problems will definitely benefit from blockchain transfers.
In fact, international money transfers are vital for millions of people in developing countries, who receive transactions from countries with developed economic system. However, a quick and inexpensive way to transfer money from… let’s say, Europe to South Asia, does not really exist. Most people are accustomed to using swift payments or international money transfer systems, such as Western Union, however, this requires considerable time and expensive commissions. Consequently, blockchain technology allows to achieve almost instant payments without any intermediaries: most transactions can be executed within 1 minute regardless of the distance between the participants of the transaction. Moreover, each transaction is recorded in the public register, which contributes to transparency and a decrease in mistrust between counterparts.
To continue, blockchain also offers unprecedented transparency together with the smart contract functionality that makes it possible to set certain rules: for instance, if a payment is received, a document about the transfer of ownership is produced automatically. Furthermore, any attempts to modify previously recorded information will be visible to everyone in the network, so the efforts of any changes will be identified immediately.
Generally speaking, these are one of the biggest opportunities blockchain can bring in the evolution of less developed areas. Emphy believes that in the near future blockchain technology will cover even more spheres of human activity, making the life easier for many people all around the world. Our team works hard to further develop Emphy lodgining ecosystem, where landlords and tenants meet to conclude short-term real estate rental contracts. Blockchain combined with smart contracts will eliminate the dependence on the centralized system between the participants of the transaction, and will significantly reduce the commission and help fixing the terms of the agreement (booking and general conditions) between the owner of the property and the guest. Emphy provides innovative approaches, openness, convenience and ease of use. The platform will raise the technology and the process of short-term renting to a new level of development. Additionally, our team is interested not only in creating a popular decentralized ecosystem for short-term lodging, but also for the EmphyCoin owners to receive direct economic benefits both at an early stage of contribution and in the future. The limited release of tokens and stable demand for them due to the growing number of concluded rent smart contracts will increase their market value, and the real possibilities of using them will help to stabilize the volatility of the crypto currency rate.
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