07/09/19 03:00 UTC-7
Cryptocurrency and blockchain are developing rapidly around the world to service virtual peer-to-peer transactions using digital currency. This allows people to send money directly to the recipient without intermediaries. Virtual money has made everyday life a lot easier for many of us, but can it help fight poverty in countries?
Blockchain in the fight against poverty
Hyperinflation, poverty, lack of jobs, lack of access to banking services, lack of capital and poor access to markets are some of the problems that cryptocurrencies and blockchain can solve.
Unlike banks, the blockchain does not require physical presence to operate. Because the technology operates in a distributed network, there is no need for a complex, opaque, and expensive private infrastructure. This saves on expenses that banks transfer to users through commissions and other fees when using bank accounts or performing mobile transactions.
Thanks to mobile financial technology, financial services suddenly become available to everyone who has a mobile phone for a small fee.
New developments can improve people’s lives by helping them participate in the global economy and avoid poverty. This can be achieved by providing all people around the world with access to modern banking and financial services through blockchain, an analogue of cryptocurrency.
There are many entrepreneurs, economists, aid officials, and bankers who believe that a combination of cryptocurrency and mobile phones will provide the world with good access to the global economy and overcome many of the limitations of traditional banking services.
Interesting in the section: The GiveCrypto project extends a helping hand to those in need
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