Let’s say Blockchain technology is here to make your world easier and exciting. It has the potential to disrupt many industries with its immutability, security, and low transactions. Blockchain technology has developed further even to exhibit unique features that help specific use-cases. The use-cases are serving one of the most interesting markets called the emerging markets. Emerging markets face different challenges that the Blockchain technology will help them overcome. Consider Blockchain technology has your savior.
What are Emerging Markets?
Emerging markets, in simple words, are newly industrialized countries whose economies haven’t developed status but in some macroeconomics have developed their counterparts. Emerging markets are also called emerging economies. Before these economies used to rely on their traditional economies ways which were mainly agriculture and exports of raw material. This is why emerging markets offer high potential returns to investors.
But this comes with a greater risk than developed countries. The fact that they have a lack of trust in banks and bank cars, 90% of the economic activity is still the traditional economy. Emerging markets are also underbanked which means that the 40% o the population do not even have a bank account. As shocking as this might sound to you, it’s completely normal to them. This is why introducing Blockchain technology can help them develop.
Challenged Faced by Emerging Markets
Several issues like lack of reliable and verifiable market data are present. This is why there is a need for investments which will develop the economy more. 94% of the transactions are done using physical cash which is not only a slow process but only creates problems for the companies to understand the dynamics of the market and consumer behavior. Developing economic structure might help the emerging market but make sure they are compatible with local daily life and cultures.
Crowdforce’s Plan to Save the Emerging Market
Crowdforce solution is an African based business that use Blockchain technology to help the emerging market economies. Financial services will be offered as bringing a billion consumers in emerging markets requires the human touch. So now trusted agents in each community will help the local community and help it grow. This is how slowly Crowdforce will bring emerging markets into the digital age.
Crowdforce also plans to use Blockchain technology instead of the banking systems which is much easier to understand and deal with for the locals. They also plan to offer microservices through the app of Blockchain, including buying and selling cryptocurrency and cash in and out accounts utility bill payments. What’s better than having everything in one place? As the local-only use cash, there’s a possibility for them to buy the cryptocurrencies. This is just getting more exciting by the minute.
But this doesn’t stop here just yet. Crowdforce platform will also perform microtasks for a local agencies. Market research, retail audits, data verification, and GPS capture will all be offered by the app. They also provide users with a crowdfunding service.
A quick conclusion: There’s a lot of hope to improve the economies of the emerging markets and the Crowdforce has a well-suited plan. From banking services to the access to cryptocurrencies, Crowdforce is a champion.