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Blockchain Blog 05: Blockchain to Eliminate Poverty?

  • It’s much more scarce than gold.
  • It’s durable
  • It’s divisible
  • It’s transportable
  • It’s recognizable
  • and it’s fungible

Bitcoin: Ledger that needs no bank

Cryptocurrencies for the banking system?

Blockchain to Eliminate Poverty

  • Government is poor
  • All the bank doesn’t have security from the person because they cannot see any previous record of that person or they cannot see any authentic documents of that person
  • First, that person doesn’t need any third party to rely on he can start his own business without even including any second person.
  • Second, every public document related to that person will be available worldwide and because of blockchain the banks will be sure that these documents are not cheated with or they are not changed, so these are original, also the government will have a public check because of the transparency factor of Blockchain.
  • He needs reputation
  • He needs credit
  • He needs to be able to manage his risk
  • He needs low remittance costs
  • And he would love to be able to actually prove that he owns the land, that he lives on
  • If he has to flee it, well blockchains enabled him to build a censorship-resistant always accessible digital history everything that he does, if he does it through a blockchain-based solution, it’s there forever and it’s completely disintermediated from his government. So it doesn’t matter who’s in charge of what’s going on the particular political whims, it’s there.

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Aakash S

Aakash S

I don’t know… Still exploring…