Solving the Poverty Problem with Blockchain
The world at the current moment is imbalanced. Some may see this as a natural process, whilst others aim to develop sustainable economies capitalizing on their resources, giving individuals the maximum potential they deserve. For us, at Cryptowedge we know that blockchain technology will be the greatest revolution in the process of creating a fairer, more balanced monetary system across the world.
Part of the current dilemma is that traditional banking institutions are too expensive and inaccessible mainly due to hyperinflation of legal tender that damages the entire financial system.
Blockchain would offer impoverished areas of the globe access to cheaper banking services and inclusion to financial services. The ability to create e-wallets allows individuals to manage their money independently. Greater flexibility also lends itself to cutting out the middlemen in international remittance transfers.
Furthermore smaller businesses would benefit massively from blockchain technology. This stimulus would start further economic activity. Transactions on the blockchain would be strengthened by developing better revenue channels across the globe.
Corruption is a huge issue in emerging economies, governments not fit for authority allocate wealth in the wrong places and disrupt the natural progression of the economy. Secrecy and hidden affairs lead to minimal whistleblowers, allowing corruption to occur on a large scale.
To reduce poverty in emerging economies and further throughout the globe, the blockchain is an excellent tool to clean up corruption due to a high level of transparency, giving the public direct access to records and fund allocation in real-time.
Smart contracts give blockchain technology even more customisability. The blockchain will hold records of certificates of ownership such as land.
Insurance is a huge area in which the blockchain can reduce poverty. The reduction of high administrative costs justified by poor management of services provision (health, financial, pension, insurance of any kind) is a useful peculiarity of the blockchain. The technology can be implemented in a system for the verification of transactions in order to discourage or detect fraud.
In conclusion, we can see that blockchain technology is redistributing power in the hands of people. Advancing at an incredible speed in emerging markets.
If poverty is seen as a state which can change then we must use all the technologies we have in order to give more people access to the same opportunities. We see the huge use case of blockchain to kick start new smart-economies all over the world.
Contact an investment expert today to see how you can invest in the future!
Author: Jamal Hasan
jamal@cryptowedge.com
