How Could Blockchain Technology Prevent Poverty?
While Bitcoin and blockchain technology supporters are confident to say that it may well perhaps be the answer to world poverty particularly in third world countries where corruption is rampant, there are many who say otherwise. This has been the subject of many discussions not only among those in the crypto universe but by people in the traditional financial sectors and government as well.
For many, the concept of having a decentralized platform with no single authority governing it seems dumbfounding. To add to that, imagine a currency without physical form and simply intangible. Even those who are well adapt to technology needed time to fully comprehend what it’s all about. So how can it be that this new platform is said to be the future of the world’s financial system and could probably be the world’s answer to poverty and corruption?
Secured Data In A Decentralized Ecosystem Prevents Corruption
Blockchain is known to be the digital platform which make Bitcoin what it is, but lately, many other uses and applications for the blockchain are being integrated to different industries and business sectors. Numerous industry giants such as Walmart, Porsche, Samsung and others more has began to make use of the platform. Since the consensus of many as proof is necessary before a transaction is deemed true and recorded in a blockchain ledger, the collection of important data is proven to be secure and not likely to get hacked or be affected by malicious intent or intrusions. Not only does this provide a secure record for Bitcoin or any cryptocurrency earned from solving a problem or making a transaction, it could also store all kinds of data on a decentralized ecosystem. This means that since the records are not stored at just one origin, it just cannot be tampered with.
It is common knowledge that most of the poverty stricken countries are in such a predicament primarily due to corruption. Instead of government funds going to the proper channels to improve economy making the lives of the people better, most of it goes to the pockets of those who are corrupt. They are able to do these acts and get away with it through the manipulation of various data. A decentralized blockchain platform, without doubt, would be their worst nightmare. With its integration to government systems of data collections, records are kept safe and criminal elements will be unable to change stored data to their advantage. From real estate records, taxes, loans, government funds and others, data will not only be secure but could be transparent as well to anyone of concern. As simple as this may seem, it could greatly affect how governments will be run. With the decline of corruption comes prosperity for the many.
Bitcoin and Blockchain Is Here To Stay
The world of Bitcoin, cryptocurrencies and the blockchain technology is still at it’s dawn and we’ve hardly realized the further extent of how mankind can benefit from it more. There is no argument that Bitcoin and blockchain could be used to do wrong, but the same goes for the dollar, dinar, yen or whatever other fiat. Even a fork or a butter knife could be used as a murderous weapon given to the wrong hands, so there really is no argument. It is not what you have but how you use it which determine if it is to do harm or not. Bitcoin and the blockchain technology behind it is here to stay and the only logical thing to do is to further harness its full potential for the better good.