Here Is A Discussion On How Blockchain Can Help Failing Economies

The Applications Of The Blockchain Technology

It is well perceived that when many investors in the US hear the word blockchain then they immediately think of cryptocurrencies and with good reason. Hereby it is found that the impressive new technology provides the support necessary for the most decentralized, anonymized tracking, and transaction of digital currencies around the world. It is however there are many industries are discovering blockchain technology as also allows many other uses and applications as well.

Thereafter from insurance and real estates to crowdfunding and data management, the potential applications of blockchain technology are numerous as its likely that there will be new ways of adapting this technology thereby to the mainstream business world that is in the future as well. Here there is one important use of blockchain technology that may be outside the mainstream business world that is some of the world’s most impoverished nations may benefit from the integration of blockchain technology in various ways.

How Does It Protect Children

It was found that the Democratic Republic of Congo, a central African country ravaged by a devastating and protracted war that has led to millions of death which are routinely listed among the poorest nations in the world. Hereby a report from Bitcoin News is highlighting a project slated for launch that could surely help protect children there from forced labor. Hereby in this context, this project is set to provide the global manufacturers’ of those high tech devices like smartphones with a guarantee that cobalt used in lithium-ion batteries was not mined by children. With this, the Democratic Republic of Congo has come up with a significant problem with informal mining sites where many of which include child workers. 

Here the truth lies there that the country holds half of the cobalt reserves around the world and this could prove to be beneficial to the struggling economy in those years to come where particularly as electric cars are likely to become more increasingly popular. Thereafter Congo has mined 54% of the 123,000 tons of cobalt generated around the world.  

The Basic Necessities

It was thereby observed that in Venezuela, where hyperinflation has prompted dramatic shortages of necessities and food, Bitcoin, and other cryptocurrencies could help ease the strain. Thereby given its global usage as well as the relative ease of the cross border payments and the transfers, cryptocurrency has been mostly a viable alternative to an increasingly problematic local fiat money for many Venezuelan citizens.

Whereas in Haiti, as it is still reeling from hurricane and earthquake damage caused over the last decade and with a gross national income per capita of just $ 810, while according to the most recent census it also stands to benefit from the blockchain. Thereafter, it was observed that the Haitian government has suggested that therefore blockchain technology could be used to record and then register property transactions, voting, intellectual property, and other use of bureaucracy.

Thereby according to Paul Domjan, the global head of research, analytics, and data investment bank Exotix, where emerging nations are the most promising beneficiaries of blockchain tech. While he argues that because frontier markets in Latin America, Sub Saharan Africa, and South Asia lags far behind the areas of ownership recording with average performance less than half that of the best performing economies as they are primed for the benefits of blockchain.

It was thereby recorded that according to the Amnesty International researcher Mark Dummett he has voiced very cautious support for the integration of the blockchain into efforts to address all these and other problems that are plaguing developing nations and saying that they have to be wary of those technological solutions thereby to problems that are also political and economic, but the blockchain may still help. They’re not against it.

The Conclusion Of The Applications Of Blockchain

Moreover, besides the applications that are listed above, the supporters of blockchain believe that it could surely enhance the distribution of government services whereas, in these nations, it helps to provide identity services and even help to enhance the freedom of speech and the anti-corruption activities as well. While all these ideas are promising on paper but as of yet, the major project implementation has yet to take shape although various companies and projects have discussed plans and potential applications. 

The Final Words Before Signing Off

The applications of blockchain are evidence enough to prove the widespread reach it has on the public. With such safe and secure image, it helps people leverage their lifestyle along with the economies across the world. Hence it is important to note the application level of blockchain and thereby the underlying technology. While the currencies are the first and foremost among the applications, it surely does make the world a better place to live in. Stay tuned for more insight