Published 2 years ago by CSTeam

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 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. However, with many different mobile money systems, compatibility between systems can cause a problem, especially when transferring funds between countries and currencies..

This has opened up free money transfer to many developing parts of the world including the Philippines, India and Africa. It is estimated to be a $100 billion industry with 200 million clients worldwide, but unfortunately still isn’t accessible to many parts of the developing world..

Since the blockchain doesn’t require a financial intermediary to process transactions, it is ideal for micro-finance for people who don’t have access to banking. Companies such as Everex are already using blockchain to create micro-finance opportunities in emerging economies..

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