How Blockchain can help to end Poverty?
We all know that our globe is going through from hell lot of problems either we are losing our healthy green partners or losing our healthy colorless liquids. Everybody is sensing about this but nobody is talking about this because change is a very ridiculous and tough thing to do and it starts with us. Before the age of the internet, everything was banned like freedom and creative thinking to do something. Freedom was monopolized by the leaders of small towns. And when the internet came, these leaders surrendered their monopolized power and people find their ways to learn something and to do something.
The same happened with money in last few years. The government of different countries monopolized our resources because to get every resource of living we need money and governments control this. And just like the internet gives us the freedom to do anything, to learn anything Bitcoin did with the money. It changed the way we transact and we think. While we are accepting the change in money history, some intelligent idiots find the interesting layer where Bitcoin works and it is blockchain technology. The huge change. Nobody can deny that. If everything is working peer to peer why we need third party links to get our work done. Why Ed Shereen have to rely on YouTube to get views if he can launch it on blockchain? Over 1.3 billion people are living in extreme poverty that means that means less than 1.25 dollars to spend everyday. Blockchain technology is a solution to too many problems.
The one problem Blockchain technology will definitely end is Poverty. It’s a global problem. It’s everywhere. We’ll now talk How Blockchain can end poverty.
Blockchain technology could help poverty in so many ways like to establish identity, property ownership and helping small businesses, etc.
How establishing identity can help:
In the record of UNICEF, under the age of 5, there are 200 million small kids are unregistered. While we talk about least developed countries, more than 82 million belongs from there. If they don’t have identification, they how these kids supposed to get their resources like education, homes, etc. This thing will definitely increase the risk of exploitation. The kids who don’t have any identity like birth certificates are denied to give them an education and proper healthcare considering nobody can identify them that they are the citizens of this particular country. This is all because the governments are incapable to do these things and we can blame them for that.
The communities like Bitnation and Onename are doing this job through blockchain technology. They are helping them to give their proper identifications through their platform. They managed to identify the unidentified poor and give them a proper identity to them so that they can have their all resources which help to reduce poverty.
According to a survey of leading organizations, more than 30% of properties are unauthorized. After the technological developments in every field, the governments are still incapable of registering unnamed properties. Blockchain technology is perfect to register these unnamed properties in a very efficient way. This technology will help the owners to protect the rights that will resolve the disputes and allows instant transfer of ownership after sale and purchase.
Many countries are adopting this change and testing blockchain technology in a full flow. Sweden and Georgia developed a platform where they give transparency and easy registration of land ownership. Benefits of blockchain technology are huge as they give multiple advantages like reducing manual errors and security process of transferring identity documents.
Irreversible records of ownership are next to impossible with blockchain considering the whole data is transparent and cannot be tampered. If this thing happens, there is the better chance for the people to prosper their capitalist society. There is a blockchain based project Estatechain which is building a platform to connect all the real estates with blockchain. If the owners have something in the shape of blockchain technology which is able to document their ownership, then they can prove their existence in the society which allows them to access to banking facilities.
Helping Small Businesses:
We all know that small business is always short of cash and always find little things expensive due to lack of money. In China, after delivering medicines to hospitals, small retailers are able to get their money after 90 days. But to get their financial needs done, they always need cash. They always have to rely on intermediaries that pay them immediately but don’t pay the full amount of money. If they want instant cash, they ask intermediaries to pay them and intermediaries pay them $90 dollars and collect $100 dollars from hospitals after 90 days. Banks also don’t lend money to small-scale businesses because the error-ridden records are common in these cases.
Blockchain technology reduces these risks considering there is no scope of frauds in this. All the records must be authenticated before being added to books and the most important thing is they cannot change that. Yijan, a blockchain technology that is the joint effort of IBM and Chinese supply management company Hejia are helping small retailers to collect instant payments. Manufacturing, electronics, and clothing companies are facing the same type of difficulties and the blockchain platforms companies like Dianrong and FnConn are helping them.
The future of poverty is very bad as per the goals of United Nations. Artificial Intelligence and Blockchain are the only two technologies which can help the UN to achieve their desired goals. If we are really able to connect ourselves with blockchain technology and also help the blockchain organizations to file digital identities, helping small businesses and property ownerships, then it would be a great world to live in. It is totally a paradigm shift for the poor to improve their lives and leave the roof of poverty behind.