4 Ways Blockchain Technology Can Help Undeveloped Countries
Many of us whine if our internet goes down for more than 5 minutes, or the electricity goes out for 10 minutes. We have water we can drink and cook with directly from faucets. The roads we drive on are paved and, for the biggest part, in good shape. The grocery store carries nearly anything and everything that we need.
We live in a developed country that continues to get better and stronger.
Yes, there is still poverty, but not like the poverty in some other countries.
But it is our belief that we can help undeveloped and underdeveloped countries rise up. Countries like:
- and many others
The way is using blockchain technology. In this post, I will share 4 ways blockchain technology can help undeveloped countries.
Help Undeveloped Countries #1: Building Trust
While trust is an issue in developed countries, in undeveloped countries, trust has very little existence. Those who have served in Afghanistan and Iraq can certainly testify to that.
But when we integrate blockchain technology into various applications, the ability to see and know all the workings will build the trust factor.
This is especially important in undeveloped countries. People can know who to trust and who not to.
Help Undeveloped Countries #2: Financial Services For Entrepreneurs
It is the small businesses that will bring development to a country. But many would-be entrepreneurs do not have access to financial services to make their ideas work. But with blockchain technology, small loans and the use of tokenization can give entrepreneurs a “led up” allowing them to get their business running and not have the costs of traditional banking systems.
Plus, blockchain gives the ability of friends and family living in developed countries to easily transfer money to people in undeveloped countries. Again, without outrageous transfer fees.
Help Undeveloped Countries #3: The Reduction Of Government Corruption
It is one of the biggest issues in undeveloped countries…Government officials grabbing money or items that are earmarked for the poverty stricken. These corrupt politicians are able to divert donations sent and sell or use them for their own benefit.
But, by using blockchain smart contracts, there is a transparent trail. Citizens can follow the trail and know who, what, where and how. They could know everything their government is doing with the money that they take from them in taxes, and if it is being used appropriately.
Help Undeveloped Countries #4: Philanthropy
With the trust and transparency that blockchain provides, these undeveloped countries will attract more people and organizations willing to donate to build the infrastructure and help citizens with basic needs like clothing, food and water.
Many are hesitant to donate because of the possibilities of corruption and not knowing if the money or materials they give will go to who they intend to receive them.
Blockchain is a world game changer. I do believe that with the development of undeveloped countries, we will see a reduction in wars and humans working in harmony.
Blockchain technology as well as Nasgo can be a catalyst to world peace and prosperity.
What are your thoughts? Do you have any questions?
You can post any and all in the comment area below.
Thank you and…
Stay Free With Nasgo!