BLOCKCHAIN: Best technology to turn Developing nation to Developed
Blockchain has been into the picture from quite a long time. It has influenced a large number of sectors in this global economy such as banking, healthcare, education, defense, finance and a lot more!
Besides being the most recited technology in developed Nations, the blockchain is being praised in developing Nations as well. In this article, we will be discussing how blockchain is making a bigger impact on the developing Nations.
Bringing banking to more people
It is an undeniable fact that a big proportion of people in developing nations are deprived of banking facilities. This is due to the reason that there is no such technology that can simplify the banking processes and bring them to more people. Thereby, such people find it very difficult to purchase a property or start a business.
However, with the introduction of blockchain’s most recited application which is the Digital currency that can be highly beneficial in allowing millions of inhabitants to access banking facilities simply by using their smartphones.
Dealing with hyperinflation effectively
In countries like Zimbabwe, hyperinflation has adversely affected its economy. Therefore, by the use of digital currencies such as Bitcoin, such Nations can easily handle situations like hyperinflation because digital currencies are invulnerable to the effects of inflation.
Easy cross border money transfer
The traditional banking not only takes days to transfer cross-border money but also charges a heavy commission against it. But, this is not true with the digital currencies. As, digital currency transactions are very faster with absolutely no or very less processing fees, based upon the digital exchange that you have opted.
More job opportunities
In the year 2017, the blockchain job market in developed countries like the United States of America grew up by 200%. Similar figures are expected to be experienced in developing countries in the coming years. The blockchain market will disrupt a number of industries beyond the financial services in the next several years creating thousands of job
Better trustworthy services
The decentralized nature of blockchain can be very effective in bringing a more reliable trustworthy system in developing countries. Such as smart contracts can be used to make an agreement without any involvement of middleman. Therefore, a more trustworthy system can be brought between the participating parties directly.
What people are saying about the role of blockchain in making an impact in the developing Nations?
“While it may seem scarier in the earlier days, I think ultimately the blockchain creates a safer world”. -Fred Ehrsam
“The revolution of blockchain is not going to happen from outside the system; it’s going to happen from within the system”.- Brad Garlinghouse
“Blockchain technology has such a wide range of transformational use cases, from recreating the plumbing of Wall Street to creating financial sovereignty in the farthest regions of the world”. -Perianne Boring
Summary
Though for a big proportion of people, blockchain may seem fancy. But, the blockchain technology holds enormous potential in making an impact overall the sectors in this global economy. Further, looking over the progress made so far by the introduction of blockchain in developing nations, we may say that very soon a whole new world is coming in which people will live more comfortably.
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