Blockchain and cryptocurrency in developing countries

Blockchain and cryptocurrency in developing countries

Economic backwardness is associated not only with poverty but also with the lack of access to a formal economy. Could the blockchain help to solve this problem in the third-world countries?

Blockchain technologies can change everything. Already, the cheapest smartphones with applications like BanQu or Humaniq allow you to make payments and transfers even to those who do not have access to banks. Also, for the residents of the poorest countries, these technologies can become a real bridge to a better life.

For example, IBM has already agreed with large banks on the creation of a system of international cryptocurrency transfers based on the blockchain. So if now such transfers can take several days, then the new system will work almost instantly.

The payment system MasterCard also introduced its blockchain technology for cross-border payments. The company cooperates with 22 thousand banks around the world, and the interest of such a giant to the blockchain can become a signal for the whole market.

For emerging countries, the spread of blockchain may be a real miracle. For example, it will help microfinance organizations significantly reduce the cost of issuing loans. Peer-to-peer lending platforms (in which private individuals and lenders act as lenders and borrowers) can use smart contracts to control payments and manage investments. All this will make financial services much more accessible.

Recently, the head of one of the largest financial companies in Africa — Alexander Forbes Group Holdings — said that he sees the advantages in using blockchain technology in corporate operations. So, executive director Andrew Darfur considers it an exciting technology, which is beginning to evaluate and find more and more local businesses. The company is registered in South Africa. Besides, its services are used in Botswana, Namibia, Kenya, and Zambia. Also, the company's activities are approved by local regulatory bodies.

There are already several projects aimed at resolving individual problems in the countries of the third world. For example, the Startup Input Output HK, which created the Cardano platform, plans to provide its benefits to customers from developing countries in Asia and Africa.

Cardano blockchain will be used in Ethiopia to manage the supply chain of coffee. IOHK will also assist Ethiopian authorities in training young developers who will then be hired to create blockchain-based farming solutions based on Cardano.

The technology will also be used to register land in Rwanda, Kenya, and South Africa, and some even want to use technology to maintain a variety of wildlife.

Also, IOHK intends to use the Cardano blockchain to track beef supplies in Vietnam and Cambodia. Another developer of Cardano, Emurgo Hong Kong, plans to issue academic certificates using a blockchain.

Zimbabwe is a country in Africa that has no access to the sea, but now it's not about that. Representatives of the Reserve Bank of the country announced their intention to study the blockchain and subsequently apply it in the sphere of public administration.

John Mangudia, who holds the post of Central Bank Governor, added that, following the Central Banks of other countries, Zimbabwe is also ready to take advantage of the so-called 'developing global innovation'.

The potential of this market is enormous. However, to realize this potential, it is necessary to establish interaction between all players, including banks, payment systems and mobile operators.

photo by icons8.com

Related news

LTO Network and IBM Watson to Ease Administrative Burden for Dutch Criminal Justice System

LTO Network and IBM Watson are collaborating to transform public services and are currently helping the Dutch District Attorney’s office to streamline their administrative processes. The LTO Network is a hybrid blockchain platform that offers efficient information exchange through decentralized workflows. Its Live Contracts enable stakeholders to collaborate because they actively instruct humans and computers about the steps to take in a workflow. Relieving the administrative burden of ZSM processes ZSM (“zo snel mogelijk”) processes are administrative processes used by the Dutch District Attorney’s office. LTO Network will be working to optimize these processes on the blockchain, ensuring GDPR compliance and data privacy. ZSM processes, meaning “as soon as possible” in English, are those in which the accused either has to take a simple action or pay a fine. No other steps, such as a court hearing, are necessary. These ZSM processes require extensive administration and running on the LTO Network blockchain with predefined logic automates them. All parties are able to participate using their own systems, and information is exchanged automatically between systems. Errors and lead times on files can be prevented. IBM Watson will help to further streamline ZSM processes in the course of Q2 this year. When stakeholders input questions in the decentralized workflow, a cognitive computing system will be able to understand them and provide the right answer. It does this by using machine learning and advanced language recognition. The computing system will go through millions of documents looking for patterns. It will then rank results and adjust them until it finds the best answer to the question. The hope is that the collaboration between LTO Network and IBM Watson will enable criminal cases to be ‘solved’ as much as four times more quickly. Reducing supervision costs related to waste transportation In 2018, The Human Environment and Transport Inspectorate (ILT) of the Dutch Ministry for Infrastructure commissioned LTO Network to reduce the supervision costs related to European waste transportation. It believed that a combination of applications for data intake and verification together with blockchain technology would pave the way for more efficient cross-border transfer of waste. Using the LTO Network blockchain gets rid of heavy bureaucracy and releases human resources to be used on tasks that can’t be automated. Government bodies and companies get real-time verification of each step in a process. LTO Network began its journey in 2014, and it just got primarily listed on the BitMax.io exchange on Jan 17th, launching with a number of clients and working projects. Portugal is holding the first government contest that will use blockchain technology to choose the winners of a GovTech contest for startups. In 2018 Chile’s National Energy Commission started using blockchain in energy. Every week, governments are announcing the adoption of blockchain-based technologies for different projects as an efficient, transparent way to streamline data. The blockchain revolution started some time ago, and many governments are busy evaluating and piloting how, where and why to deploy blockchain technology. This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research. Image(s): Shutterstock.com The post LTO Network and IBM Watson to Ease Administrative Burden for Dutch Criminal Justice System appeared first on NullTX.
NullTX

MIT Professor: Blockchain Can Allow for More Inclusive, Borderless Economy

MIT Professor: Blockchain Can Allow for More Inclusive, Borderless Economy Blockchain can allow for the creation of a borderless economy, Massachusetts Institute of Technology (MIT) professor Silvio Micali claimed in a interview on Bloomberg’s Daybreak Asia, Jan. 21. Speaking on the show, Micali outlined three major properties of blockchain systems that must function simultaneously to enable a more… The post MIT Professor: Blockchain Can Allow for More Inclusive, Borderless Economy appeared first on Altcoin Today.
Altcoin Today

Blockchain Goes Mobile: The First Crypto MVNO Announces Loyalty Rewards Program

This week, Miracle Tele (blockchain based Mobile Virtual Network Operator / MVNO) announced the public launch of a loyalty rewards program which has been available to token-holders and investors since last October. The rewards are distributed in the form of an exchangeable crypto token, compared to the non-fungible ‘points’ systems more commonly known (redeemable only […] The post Blockchain Goes Mobile: The First Crypto MVNO Announces Loyalty Rewards Program appeared first on Hacked: Hacking Finance.
Hacked

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.