Blockchain technology and life of the poorest

Blockchain technology and life of the poorest

The Blockchain technology ever closer to our day-to-day. At present, it is an immature technology whose technical infrastructure is deployed, in the same way as in an esplanade on which we want to build, it paves the way, is paved, the electrical and plumbing are installed. What is going to happen when you begin to build on this “first layer”? What kind of services are built on it? The Blockchain technology is a technology of historical relevance that can help create prosperity on a global basis even for the poorest in the world.

As we have seen above, the blockchain technology allows the creation of decentralised data bases that are running simultaneously in a vast network of devices all over the world can see but that it is mathematically incorruptible. We might consider that Bitcoin is his first “application” and we have already seen that, in an immature state of development such as this, has forever changed something so important and fundamental in our society as is the money and payments.

In what other ways will change our society and help the poorest?

Property rights based on the blockchain

for many countries it is difficult to maintain a rigorous property registry. Their databases are incomplete or are directly affected by the corruption of their own governments that control them.

In Honduras, for example, this has allowed officials to steal properties or change the course of the elections to buy votes with scriptures of properties and land. Recently, the new Government has begun to work with Factom, a company that uses the blockchain technology to simplify and ensure the registration of this type of information. Although the project seems to be stalled, finally run, could allow to resolve discrepancies in an objective manner in the event that the Hondurans are going to ask for a loan or need to demonstrate that they have given asset.

Based on the blockchain remittances

The blockchain could drastically reduce the cost that currently has to send money from the richest to the poorest. In 2015, official figures of this remittance market is priced at 440,000 million dollars although it is today very inefficient. For example, send $100 from United States to India using Western Union will charge a 11% in commissions.

Open, a startup that closed 12 millions of dollars in funding this past year, try disruptir This market using the members of your service as “Atms” and to bitcoin “behind” as a mechanism of transmission of value.

In this way, a person in a country load that you want to send the money in your account, open and converts it to bitcoins, sends those bitcoins to the country in which you are a member of the network (individual or company) that will receive the money, Open is transferred to your account in your local currency, and this person will be settled at the receiver of the money.

Official development assistance based on the blockchain

flow Every year thousands of millions of dollars in official aid to the development of first world countries to developing countries, but it is common for which did not arrive at your destination. Or is lost (Ban Ki-moon has said that the 30% of this funding is lost by this) or is spent on unnecessary things. This often happens when disasters take place, as in the case of the earthquake in Haiti.

The blockchain can be used in this case to transfer electronic money without the need for costly corrupt intermediaries or directly.

Could be transferred directly to the appropriate amounts to the telephones of the affected people so that they will spend conveniently or even use contracts to local agencies receiving funding tranches as they get milestones date convenient.

In the case of the distribution of vaccines or other high value-added goods, ngos could control their own network of nodes distributed to stamp in the blockchain incorruptible form of the distribution of material to avoid double expenditure and thus make a more efficient.

Digital identity based on the blockchain

The lack of identity documents in developed countries limit access to aid, education, health and other social services.

In sub-Saharan Africa, for example, 55% of the people do not have an official register of identity, which implies, plain and simple, that these people “do not exist” for legal purposes.

The blockchain technology allows you to create a digital record of identities at the global level that could, for example, help with the lost children orphaned in the painful flight that refugees are being carried out.

UNICEF has recently announced that it has mounted a fund with $9 million to invest in startups, including those that use the blockchain as technological base.

Bitnation is an initiative that aims to decentralize governments and which now offers a service of digital identity based on the blockchain allowing any person to have a “nationality”, beyond the status of your passport.

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