Some of the most common issues faced today by the developing countries are poverty, higher rates of unemployment, inflation, corruption and all these factors are a result of poor governing bodies and political instability in the countries. It’s a sad scenario!
While, other countries are developing rapidly and are more fast paced. There might be something that could help these developing countries. Yes, we’re talking about the blockchain technology. Ever since the emergence of cryptocurrency. We all have brand new hope! The question is how? Let’s take a peak!
Global Remittance System
The money transfers services such as Western Union, Money Gram, Uni Transfer, ETC charge you a fee which varies from time to time. The global remittance system is based on the activities of the citizens in the developing countries and are mainly immigrants sending money abroad. The services they use to send money charges them a little extra money which is the “transaction fee”, if you look into the figures. The recorded remittance by the World Bank in 2017 was $441 billion only in the developing countries.
With the help of cryptocurrency the remittance cost can be reduced as well as the whole process of going through sending money internationally can be less time consuming. Platforms provided in Africa and Southeast Asia have these services being provided where as a Nigerian base blockchain-powered system known as “SureRemit” offers you transfer money across the border at a lower cost. No one like to pay transactions fee especially when it’s so high. It’s great how crypto has provided a solution for this. Gotta love technology!
Fight Against Corrupt Government
One of the major issues in under developed countries is corruption and the corrupt governments ruling. This is exactly why most of the population of the country lives below the poverty line and there is a serious lack of economic democratization. So, how can Cryptocurrency help here? SMART CONTRACTS!
With the help smart contracts, the money taken and the contracts exchanged will be a much transparent contract system with the records being visible to the public through blockchain technology. This will help monitor the funds and keep a check on where the funds are being used and how. This is super important for under developed countries since most of the tax payers’ money is eaten by the government and the citizens suffer. Talk about corruption huh?
That’s not all folks! The blockchain technology can fight against corruption in the election process. Mainly electoral bodies are partial and hence, this is one of the reason why there are no fair elections. The blockchain technology can help the citizens exercise their freedom to vote and will also see fair and corruption free elections.
Hope Is Not Lost
The under developed countries are often hit by corruption and it is always holding back the progress of the country. With cryptocurrency being introduced, the citizens will be able to know what the government’s plans are and where the funding is going. The country keeps taking loans and keeps drowning in more and more debts, yet those loans taken are not visible to the public. The blockchain technology will help them keep track and it can also help them become a part of them as investors in the near future.
The future looks brighter than ever for the underdeveloped countries! All that’s required is it’s acceptance and adoption. That’s the only way results would be visible. Otherwise, its just going to remain hypothetical! No one wants that! Fingers crossed!