If you have just joined the crypto movement or have been involved over the last few years, you might be shocked at where Blockchain is heading or the possibilities it represents. Many users are unaware of the economic development that awaits them in the soon-to-be-seen future.
We have seen the reign of DeFi and NFT art stroll through the industry, but what looms over the horizon is bigger than we might realize and could bring all of us to a brighter future of individual growth and economic self-efficiency. The question is how, and the answer is simple – Decentralized Wealth.
Let’s think about how crypto can change and challenge economic development to help impoverished people, nations, and economies change for the better. Crypto and Blockchain technology offer a revolutionary range of benefits for developing countries, particularly in terms of financial inclusion and economic development. Here are a few key ways in which crypto and Blockchain can help:
Benefits of Blockchain
One of the primary benefits of crypto and Blockchain is that they can provide tools and abilities for a more secure, transparent, and decentralized way for people to store, transfer, and access money. In many developing countries, traditional banking systems are limited or inaccessible for large segments of the population. Crypto and Blockchain can help address this issue by providing a digital alternative that is accessible to anyone with an internet connection. This can help facilitate transactions, improve financial literacy, and empower individuals to take control of their finances.
Remittances – the money sent by migrants back to their home countries – are a significant source of income for many developing countries. However, the high fees and long processing times associated with traditional remittance systems can eat into these funds. Crypto and Blockchain can offer a faster, cheaper, and more secure way to send and receive money across borders, which can help increase the amount of money that actually reaches its intended recipients.
Small Business Development
Small businesses are the backbone of many developing economies, but they often face significant barriers to growth, including limited access to funding and capital. Blockchain-based crowdfunding platforms and decentralized finance (DeFi) protocols can offer a new way for small businesses to raise funds and access capital. This can also help drive innovation and create new economic opportunities.
These are some of the ways Blockchain can sculpt the future for economic development. Additionally, there are more possibilities that can increase human efficiency and trustworthiness in developing economies.
Blockchain offers users a possibility where everyone could potentially launch their own digital token representing their abilities, skills, and knowledge. Digital IDs and the ability to mint your currency representing skills or services are already taking place, but onboarding is a slowly growing business in itself. While projects are popping up everywhere looking to help facilitate mass adoption, too many options are slowing the process of inclusion by diluting the crypto sphere.
What to Look for in the Future
Recently, Coinbase announced its own endeavor of creating a way of facilitating a transition to a crypto economy. However, I think that the launch was confusing to mitigate a fluid way for Coinbase’s idea to take effect.
Coding and technical know-how need to take a back seat, and the less complexity and ease of use we apply, the faster we can reach the goals of worldwide economic inclusion through blockchain.
What is needed is to make it as simple as pushing a button or touching a screen. The developer or project that makes this as easy as opening an email account will undoubtedly win the race.
Watch for fast, easy, and less technical ideas that look to drive adoption. When you find these advancements taking place, you’ll find mass adoption right behind it. Until then, pay attention to projects that recognize that easy-to-use is the next logical step.
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