Can Blockchain Be Used To End World Poverty?

Since 2015, approximately 10-11% of the worlds population lives on less than $1.90 per day which is the bare minimum a human being can survive on without dying of starvation or any related causes.

This percentage consists of more than 600-700 million people worldwide from predominantly underdeveloped or developing countries. The United Nations and many NGO’s have set goals but have fallen short time after time to lower the numbers. Until now.

Blockchain

The invention and use of cryptocurrency and it’s underlying technology – blockchain enables us to access a global decentralized database that is constantly updated and hosted on millions of computers in a synchronous manner and verified using digital signatures and smart contracts where anyone situated anywhere can view and access this information.

The primarily goal of blockchain technology is to increase transparency and accountability and by doing so drastically reduces corruption rates and tampering.

The Use of Blockchain To Eradicate Poverty

There still remain a vast portion of the adult population that does not have access nor come across a banking system. 2 billion adults remain unbanked (according to WBSNairob)

Applying blockchain technology to poverty stricken nations where there are limitations of physical branches would save money, time that could be used for other means necessary. Since blockchain is a digital ledger and functions as it operates on a distributed network, it negates the need for setting up tangible infrastructure.

Moving onto blockchain would remove fees that would be charged by setting up and running these branches and hidden charges during transactions would disappear as well.

Transparency Would Erase Corruption

Digital data or records are stored on blockchain are distributed and constantly verified by computers across the globe therefore hacking or tampering with data is virtually impossible as there is no central data repository. The records stored on the blockchain are public and hosted on millions of computers simultaneously and once information is entered it can never be deleted. The creation of smart contracts further increases transparency and security.

Check out How bitcoin and blockchain will end world poverty by Forbes


About Bank Of Hodlers

Bank of Hodlers is a Blockchain based firm that is implementing the power of the Distributed Ledger Technology(DLT) to provide banking services that are both fast and secure.

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