Where Can Blockchain Technology Be Used?

April 19th, 2018

Blockchain technology is becoming popular all around the world it is the technology behind cryptocurrencies, like Bitcoin and Ether. Most people think of blockchain as a just a payment system, but in reality, it’s much more than a that. The blockchain is an encrypted database of verified transactions that are unique to today’s market.

The blockchain is a whole new digital platform which is incorruptible, bypasses censorship and enforces transparency. This new technology is expected to create a massive social change by tackling issues like financial, institutional, and even, political corruption. Most importantly this new technology is expected to protect human rights for every individual. With this new technology, many new businesses and ideas will continue to unfold.

Blockchain Tackles The Refugee Crisis

The blockchain technology is capable of tackling the refugee crisis. This year around 10,000 Syrian refugees were sent cryptocurrency based vouchers. Many popular companies have helped thousands of refugees use digital currency to purchase food as need.The Syrian crisis is turning out to be the biggest humanitarian emergency of this era. As the global refugee crisis is continuing to grow, many countries and agencies are looking towards new solutions to solve various unmanageable situations. The option to bypass international uncertainty and bureaucracy with this new technology is giving refugees direct access to donations. Blockchain technology is playing its role in solving the international refugee crisis, in the future this may continue to increase.

Creating New Financial Avenues

Blockchain technology is providing vouchers to refugees and is also working on ways to bridge the poverty gap across the globe. It is also known, that blockchain can act as bank linked institution for many without bank accounts. Today, almost every individual across the nations has access to smartphone, with it you can conveniently access digital currencies. What’s even more appealing about blockchain, is that it is a decentralized system, meaning you don’t have to pay hefty fees for transferring money like you would in typical financial institutions. This can severely deter businesses from reaching different places of the world. Moreover, it creates stress among individuals sending money to their family members in any part of the world. This new technology is proving effective to tackle all variables of global poverty. For starters, this new technology makes money transfer cheaper for immigrants, migrants, as well as refugees. Secondly, it makes the whole process of doing business with difficult to reach countries easy. This technology has the potential to decrease poverty to a great extent.

Prevents Voter Fraud

Voter fraud and cyber security have been a matter of concern, especially after the United State’s 2016 election. However, this isn’t the first time when voter legitimacy was questioned. Voter fraud is a serious problem and it is important to find a suitable way to fight this problem. Interestingly blockchain technology comes with the ability to provide unhackable vote counting systems. The specialty of this system is that it can secure any election during voter registration and ensure that votes are not tampered.

Improving Government Efficiency

Another growing use of blockchain technology will be in improving government efficiency. This new blockchain technology has the ability to accelerate any government services and affect its functions such as healthcare, public benefits, education and many more. Sometimes, government processes can be very slow, highly susceptible to corruption and difficult to understand. Blockchain technology is a solution to all of these problems, as it can help governments to be more secure and efficient.

Blockchain both as an industry and technology, is still undefined. We are still in the exploration stage, far from being a proven or established solution. However, it is clear by now that blockchain technology is a promising solution that is aiming to solve problems in many parts of the world. Blockchain can fight financial inequality, corruption, and access to information.

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