How Blockchain Can Combat Poverty?

2. How Blockchain Can Combat Poverty? In order to accelerate the speed of fast-growing international finance, major corporations and organizations are surfacing their business activities on a network based on Blockchain technology. Yet the advantages of Blockchain applications are not limited to the upper crust of high finance. A cost-effective and open way to record transactions is offered by the Blockchain Platforms. In a fraud-free and theft-free world, Blockchain allows unknown individuals who do not know or trust each other to exchange cash securely. Several start-ups, relief agencies, and non-profit organizations are aggressively spreading the benefits of Blockchain technology to developing countries to help poor people gain easier access to, or protect their savings from, loans to financial institutions. We will address how Blockchain can battle poverty in this post.

3. How Does Blockchain Help The War Against Poverty? The world's poorest people have been ignored for a long period in modern history, and progress meant little to them. Lack of opportunity, bribery, inflation and high unemployment rates have played a major role in making them helpless and unfortunate. The Blockchain platform aims to solve a global problem and tries to combat it in the following ways: Reducing Remittance Cost: We are all aware of the fact that the position of intermediaries such as Western Union, Uni Transfers, etc.

4. needs to be performed by sending money overseas, and for this they draw high transaction fees, which makes the whole process costing high. Using Blockchain technology-inspired cryptocurrency instead of cash is one way to pass money at zero or low cost in any part of the world. Blockchain platforms allow users to move money at comparatively cheaper rates, which is hardly feasible in traditional methods of exchanging money. Strengthening Financial Inclusion: According to the World Bank, about 25% of the world's total population is unbanked, and there is no way to open a bank account either. Aside from that, despite having a bank account, many developing countries do not have access to such programs and benefits.

5. They don't have the resources to engage in foreign trade. Here, the cryptocurrency inspired by Blockchain plays a key role in empowering small businesses and enables them to participate in foreign imports and exports. Another form of economic inclusion helps disadvantaged individuals by allowing them access to foreign payments. This would continue to reduce the lack of access to financial services for the poor. Combating Abuse: The corruption of those in power is a big problem or obstacle that developing countries are facing. Blockchain may be a solution to this dilemma. The collection of data on the Blockchain platform helps the public to monitor state funds and expenditures, thus making the contract framework more open. In the election process, blockchain technology is also beneficial and can make the election process more transparent. A major explanation for corrupt regimes in developing countries is the lack of accountability

6. Blockchain technology is experiencing higher growth, and the progress of this technology has helped individuals see a better future. It is important to see how Blockchain technologies can be applied by developed countries and disadvantaged people to fix their problems. It's not only about state initiative, but citizens themselves need Blockchain education to be aware of the advantages that Blockchain technology can bring to them, and all they need to enter Blockchain classes led by the Blockchain Council for this.

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