How Can Blockchain End Poverty?

April 17th, 2018

The Blockchain is the latest technology that has been making news across the globe. In just the last few years, the rise of blockchain technology has been steadily increasing due to its unique concept and features. This new technology system is behind major digital currencies like, Ether and Bitcoin, but blockchain is much more than just a mere payment system. Blockchain technology is an encrypted database, where once a deal or transaction is made, it stays there forever on a public ledger- the Blockchain. Some of its unique features have digital currencies wondering how can Blockchain end poverty.

The Blockchain is a public ledger or “bookkeeping” platform that offers complete transparency. This new technology has the potential to create a huge social impact by tackling many major problems, like poverty and corruption. For some, this may sound surprising, but blockchain technology can effectively tackle issues like social change. Blockchain technology can help to protect human rights of every individual. Many amazing features about this technology continue to unfold, its role in tackling refugee problems and poverty issues is definitely worth mentioning.

Tackling the Refugee Crisis

Blockchain technology is tackling the refugee crisis in the best possible way and helping countless individuals purchase food and the supplies the need. Last year, 10,000 Syrian refugees were given cryptocurrency vouchers to purchase food and other useful items. The Syrian crisis is considered to be one of the largest humanitarian emergencies in the world today. Experts believe that over time, the global refugee crisis will continue to grow and countries will need to find solutions that will solve seemingly unmanageable situations. The blockchain technology brings people new opportunities and also gives users the the chance to bypass international uncertainty by giving refugees direct access to donations from across the world.

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How Blockchain Technology Can End Poverty

Blockchain technology is providing digital currency vouchers to refugees from around the world. This is helping to bridge the gap of poverty in many places. It has already helped people buy goods and services using smartphones or tablets. People without bank accounts can easily access digital money, thanks to blockchain.

The blockchain is a decentralized system that takes the place of outdated conventions systems. Users can simply transfer money to any place in the world without paying any fees or high transactions charges, like they would if they went through any other type of financial institute. Remittance is costly when you are sending money from one country to another and it disrupts the social and economic landscape, while also detering businesses from reaching certain places around the globe. All these features, make conventional modes of transferring money difficult and costly. Why should we deal with this financial strain when better options are available? Now you can send money to anyone in the world without paying hefty fees or charges, all because of blockchain technology.

Last year, around $30 billion was spent to send money to Sub-Saharan Africa. Yearly remittance from all international financial transfers out of the United States is around $50 billion. Several online platforms are based on blockchain technology, allowing users to send money from one place to another at ease. This new technology brings positive effects and gives people economic freedom.

Blockchain technology is effective in tackling the two variables of global poverty. First, this technology makes money transfer cheap for refugees and migrants who often need to send money to families and it makes business easy to reach in tough places. Blockchain technology alone has the potential to decrease poverty.

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