- UK government has used blockchain technology to distribute student loans and also tracked them to check whether they reached the right owner
- Today there are more than 2 billion people in the world without a bank account but are familiar with the transactions of cryptocurrency
The social impact of blockchain has begun and is at the tip. With the advent of cryptocurrency, there arise several doubts over other types of financial services. The rollout of the ATM facility and the provision of loan and payment systems created awareness among the people about the importance of these cryptocurrencies. Today there are more than 2 billion people in the world without a bank account but are familiar with the transactions of cryptocurrency.
The shift for cryptocurrency will be easier for developing countries and marginal people than the developed ones who are equipped with fiat money and credit cards. It is the same as the use of cellular phones. It is easier for people in developing countries to buy a cellular phone than to provide a new infrastructure for people to provide landlines phones.
In this way, people will decentralize away from the government and can take control of their lives by themselves which is quite significant. But the only factor that has to be considered is to save ourselves from identity theft. Identity thefts and online frauds have been in the news since recent years. One has to make sure not to reveal personal information without trust.
In many developing countries, there is a corrupt and manipulative government that plays with the economic conditions of the people for their country. For such countries, blockchain technology can be built a financial system that is based completely on trust.
Benefits of Using Blockchain Technology For Marginal People in Developing Countries
Blockchain technology can be used in the supply chain to track foods. The tracking of food from producer to supplier will ensure that the food is free from any contamination. So the marginal people will receive quality food from the true source which is essential for today’s society.
The trading of energy through blockchain technology will allow the consumer to sell the excess of energy to their neighbors and so they are from the dependence of the utility companies. It is similar to financial markets where the price range depends on demand dictate price.
The government of some countries who know the advantages of blockchain technology has begun their pilot projects to use blockchain technologies in their daily operations. Blockchain technology will definitely be of great help to marginal people and also to the government. The process is fast, secure, and easy with instant execution.