When blockchain technology came out, its main focus and people perceptions were that blockchain was a currency technology. However, blockchain has become a technology like no other regarding providing various solutions. For starters, leaders in a recent United Nations world economic forum conference spoke at large about the power that blockchain applications could have at changing the way the world runs.
According to the general view of the leaders, blockchain is not only a currency technology but also a tool that could get used to help the United Nations tackle various humanitarian challenges affecting people globally and in place change the world.
Mostly, discussions about blockchain revolve about its potential to provide massive efficiency for financial institutions and the industry at large. However, the power behind blockchain technology goes beyond just enabling financial institutions to access better markets and secure data transfers. With blockchains applications like “Ethereum platform,” the world can achieve sustainability and charity. So just how can blockchain’s Ethereum platform technology revolutionize how the world runs?
With blockchain-based applications, we expect the entry-level to global financial systems to get lowered. According to the UN, more than 2.5 billion people lack an identity that can allow them to gain access to financial services. In many banking institutions, you must have some amount of savings or security to obtain a financial loan which hinders many people from accessing this services. With digital platforms, getting a loan becomes easier.
Blockchain-based identity unlocks the potential of the minority people and gives them a chance to capitalize on their human creativity by giving them access to services similar to financial institutions that offer services similar to banks. By allowing them to add input in the global economy, poverty eradication becomes much more manageable.
More decent jobs and enhanced economic growth
Many times, if not all the time, becoming a successful entrepreneur requires a lot of capital and funding for various projects. Lack of funding leads to many individuals resorting to indecent jobs just to make ends meet. However, with blockchain enabled “WeiFund,” becoming an entrepreneur is just some clicks away. Blockchain ensures aspiring entrepreneurs have access to funds through various methods such as crowdfunding, which is secure and protects you from fraud and allows them to monitor how their funds get used. With this technology, people in the developing nations can have better access to funds to support their projects and in turn lead to more economic growth globally.
Affordable and clean energy source
Recently, an Ethereum blockchain based application “Co-Tricky” launched an initiative of a clean power supply for the community. The project works by allowing neighbors to sell their excess solar power energy to their neighbors. With mechanisms set in place, the prices of the power get determined by the parties in the transaction without depending on the centralized energy grid accounting systems. The project creates new paths for entrepreneurs while at the same time promoting the use of clean energy sources in the daily lives of people. All one needs is a solar panel and battery, and you can become an entrepreneur.
Industrial innovation and growth for developing nations
With blockchain, an individual in a developing country can secure a loan on ‘EtherLoan” or funding on “WeiFund” from halfway around the world and get the capital to start their business or improve their business. Without financial institutions, the use of smart contracts gives the investor abroad a sense of security that the resources are in proper use hence ready to give funds to the individual in the developing nation to improve their business. Also, blockchain tools such as “boardroom” allow transparency and easy monitoring of the use of funds directly. Call us now for more information.