We are all just beginning to wake up to the incredible possibilities that the blockchain holds for the future. Free from the weighted financial infrastructure that can often act as a barrier to progress in many parts of the world, blockchain technology has the potential to change all of this – by decentralising access to information and data.
These are just five of the ways that blockchain is helping to change the developing world:
Legal documentation is often lacking in many countries in the developing world – this often leads to land disputes when it isn’t clear who owns the land. Blockchain can help solve this by storing an up-to-date version of each transaction or record. Cybersecurity company – WISeKey is already using the blockchain for land registry in Rwanda, where land grabbing is an on-going problem.
Proof of Identity
Not having valid photo identification can present a significant barrier to millions of people around the world – it prevents individuals from accessing banking services, microfinance, and healthcare.
Blockchain powered economic identity systems such as BanQu are already beginning to be used in many African countries, where a significant proportion of the population remains unbanked.
Over 2 billion adults in the world remain unbanked – due to lack of access to banks, or lack of verifiable ID. A solution to this is mobile money – over 100 million people in Africa use mobile money. However, with many different mobile money systems, compatibility between systems can cause a problem, especially when transferring funds between countries and currencies.
A blockchain based network called ‘Stellar’ facilitates cross-asset transfers of value. This has opened up free money transfer to many developing parts of the world including the Philippines, India and Africa.
Crowdfunding for Global Start- ups
The crowdfunding industry is predicted to surpass $1 trillion in the next decade, but unfortunately it is not as accessible as it may appear. Major crowdfunding platforms like Kickstarter cut out most of the developing world and