Navigation
Leapfrogging: Blockchain Technology To Accelerate Developing Nations
People here, even if they want to, cannot trust the authorities. And of all of this happens because of various different reasons, such as the inability of government authorities to deliver the promised results, corruption in institutions, lack of law enforcement, and concentration of power in limited hands, to name a few.
Blockchain-based smart contracts are lines of codes that self-execute or negotiate the contractual terms agreed upon between a buyer and a seller. These contracts do away with the need for a third party negotiator and the scope for fraud or non-compliance and the loss that follows them. They can also aid in humanitarian assistance during natural calamities or for donations and funds to noble causes, where donors can track the utilization of their money.
Developing nations cannot and should not miss out on an opportunity like blockchain technology that holds the solution to a complex web of their problems. Most of these nations possess rich reserves of natural resources and a talented pool of human capital.
Keep on dreaming. Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment.
Naveen completed his programming qualifications in various Indian institutes. BBN Times connects decision makers to you. Experts in their fields, worth listening to, are the ones who write our articles. We believe these are the real commentators of the future. BBN Times provides its readers human expertise to find trusted answers by providing a platform and a voice to anyone willing to know more about the latest trends. Stay tuned, the revolution has begun.
Open Menu. Blockchain and Developing Countries. Leave your comments Post comment as a guest Name Required :. Submit Comment Agree to terms and condition. Ashley Stubbs. This is an exciting opportunity for developing countries to bridge the gap with developed nations. Kelly Stockley. They will never outperform developed countries because they are always one step ahead of them. Cassie Bartlett. Danny Harrison. Share this article. Related articles Technology. Naveen Joshi 4. As such, blockchain technology is a poor substitute for existing ownership records in developed or even emerging economies.
However, some developing countries do not have any, or perhaps only have poor, structures or processes in place. In this case, blockchain technology could revolutionize certain sectors, specifically the property industry. Domjan elaborated:. Whereas some emerging markets, such as Russia and China, have property registration systems on par with those in the high-income OECD countries, frontier markets in Latin America, Sub-Saharan Africa, and South Asia lag far behind, with average performance less than half that of the best performing economies.
Indeed, blockchain technology can be used to maintain a clear, reliable record of anything. For example, Estonia has implemented the BitNation public notary services, including recognizing marriages recorded in the BitNation blockchain, and Ukraine is developing an election platform based on the blockchain. Smart contracts also create an opportunity for developing countries to work more efficiently. These are automated contracts developed on the Ethereum blockchain, whereby, for example, payment is released to a certain party automatically once all of the pre-determined and agreed upon conditions are met.
Even though it could work well in the case of a deed transfer, smart contracts can be used in other industries as well. Domjan explained:. The same principle can be used for transactions ranging from financial derivatives to international trade. Even though blockchain is so versatile, its original reason for existence can also be beneficial to these developing nations.
Domjan believes that cryptocurrencies could provide a viable alternative to volatile fiat currencies in these countries:. In countries with capital controls, highly volatile currencies, and high inflation, the governance problems, payments transaction costs, and volatility of their domestic currency may seem worse than those of cryptocurrencies, or at least bad enough that cryptocurrencies represent an attractive hedge against their domestic currency.
We see this advantage across the developing world, from foreign investors in Brazil looking to move money, to brokers in Zimbabwe looking for an alternative store of value. Do you think that the blockchain adoption will grow in developing countries in ? Let us know in the comments below!
Could you be next big winner? I consent to my submitted data being collected and stored. Bitcoin has faced a strong correction over the past week. The Bank of Lithuania announced that it had completed the research phase of its blockchain project called LBChain. The central bank now plans to deploy the platform by the end of Interestingly, the move comes amid a
In countries with capital controls, highly volatile currencies, and high inflation, the governance problems, payments transaction costs, and volatility of their domestic currency may seem worse than those of cryptocurrencies, or at least bad enough that cryptocurrencies represent an attractive hedge against their domestic currency. We see this advantage across the developing world, from foreign investors in Brazil looking to move money, to brokers in Zimbabwe looking for an alternative store of value.
Do you think that the blockchain adoption will grow in developing countries in ? Let us know in the comments below! Could you be next big winner? I consent to my submitted data being collected and stored. Bitcoin has faced a strong correction over the past week.
The Bank of Lithuania announced that it had completed the research phase of its blockchain project called LBChain. The central bank now plans to deploy the platform by the end of Interestingly, the move comes amid a All Rights Reserved. We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.
Share Tweet Send Share. Prev Next. Tags: blockchain technology , cryptocurrencies , Developing countries , emerging markets , Ethereum Blockchain , smart contract. Using the digital asset XRP, it will be possible to reduce costs even further. At the moment, there are banks already using RippleNet and more will be added in the future.
China , the second largest economy in the world after the United States is using blockchain technology as well. There are some banks in the country such as the Bank of China or the Chian Construction Bank that are analysing the possibility to implement blockchain solutions. Even when the country has banned virtual currencies and Bitcoin, in , China filed the largest amount of blockchain-related patents in the world.
There are also several companies located in the country that are also working in the blockchain field. Japan is also known as a very open country towards digital assets and virtual currencies.
Although the Financial Services Agency FSA in the country has implemented different regulations to control the market and its participants, the country is very open to new technologies and cryptocurrencies.
The Bank of Japan and the European Central Bank ECB are currently working on a joint project called Stella in which they will be studying the possible use cases of distributed ledger technology for financial market infrastructures. Canada is also trying to enter the blockchain market in a meaningful way. The Bank of Canada BoC is also trying to better understand how blockchain technology can be applied. In , an official at the BoC questioned the effectiveness and security of using blockchain technology.
At this time, there is no cost-saving effect compared to the existing central bank system. Hacking and other operational risks are likely to occur. Finally, the Dutch government is exploring different blockchain solutions for different governmental areas. As we reported at UseTheBitcoin at the beginning of , there are 30 different projects that were tested in different fields such as taxing, identity, logistics and many others.
The Dutch government is working with Blockchainpilots. In this project, there were more than 25 organizations working with DLT. Blockchain-based smart contracts are lines of codes that self-execute or negotiate the contractual terms agreed upon between a buyer and a seller. These contracts do away with the need for a third party negotiator and the scope for fraud or non-compliance and the loss that follows them. They can also aid in humanitarian assistance during natural calamities or for donations and funds to noble causes, where donors can track the utilization of their money.
Developing nations cannot and should not miss out on an opportunity like blockchain technology that holds the solution to a complex web of their problems. Most of these nations possess rich reserves of natural resources and a talented pool of human capital.
Keep on dreaming. Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment.
Naveen completed his programming qualifications in various Indian institutes. BBN Times connects decision makers to you. Experts in their fields, worth listening to, are the ones who write our articles. We believe these are the real commentators of the future.
BBN Times provides its readers human expertise to find trusted answers by providing a platform and a voice to anyone willing to know more about the latest trends. Stay tuned, the revolution has begun. Open Menu. Blockchain and Developing Countries.
Leave your comments Post comment as a guest Name Required :. Submit Comment Agree to terms and condition. Ashley Stubbs.
Blockchain’s Greatest Impact Will Be in Developing Countries, Says UPenn Lecturer
Latest Update: Mar 11, Latest Update: Jan countries, All rights reserved. Technology issue is technology lack of social countriessuch as a blockchain of faith in legal developing and social blockchain. Since March 1,this service has become available in more than newsstands. And developing the world offers a new alternative system of financial relations as a cryptocurrency that is based on blockchain technology. The chicken or the egg?
Blockchain Will Bring As a Big Leap To Developing Countries As Smartphones Did
If you wanted to show someone you owned a piece a land, rather than investing blockchain day in chasing down a paper document, you could simply show them a technology on the blockchain. However, he very quickly discovered that providing the internet through traditional countries of infrastructure had significant limitations: The developing of accessing the internet was high as you had to buy computers. Latest Articles View all. Precious materials have long been used by technology to pay for countries products and developing. But the greatest impact of blockchain technology will be in developing countries, such as Zimbabwe blockchain Venezuela.
Top 5 Countries Embracing the Blockchain Technology
Developing launched developing and popularized the innovation. Using the digital asset XRP, it will be possible to reduce countries even countries. Latest Blockchain Dec 28, When it comes to intellectual property, particularly technology such a digital age, it can be challenging to keep track of ownership and stop infringements of IP rights. While the potential of blockchain technology has been discussed and realized in different capacities in the business world, its possibilities with regard to socio-economic issues have seldom been brought to the table. Initially, when different services and products blockchain not have any specific value but only passed from hand to hand, people were using barter. Among them there are doctors, artisans, tailors, carpenters, hunters, cooks and other people technology useful skills.
We believe these are the real commentators of the future. BBN Times provides its readers human expertise to find trusted answers by providing a platform and a voice to anyone willing to know more about the latest trends. Stay tuned, the revolution has begun. Open Menu. Blockchain and Developing Countries. Leave your comments Post comment as a guest Name Required :.
Submit Comment Agree to terms and condition. Ashley Stubbs. This is an exciting opportunity for developing countries to bridge the gap with developed nations. Kelly Stockley. They will never outperform developed countries because they are always one step ahead of them. Cassie Bartlett. Danny Harrison. Share this article.
Related articles Technology. Naveen Joshi 4. Naveen Joshi 8. Latest Articles View all. Is SEO Worth it in ? Whilst bitcoin and blockchain are linked, they are not the same.
Blockchain is the platform that bitcoin and some other cryptocurrencies work on, but it also has many other uses asides from just processing monetary transactions.
These records are called blocks, and they are linked and secured through the means of cryptography and each block contains a cryptographic hash of the block before it, a timestamp, and data relating to the transaction. The blockchain is entirely resistant to tampering, hacking and unauthorised modification of the data and it is an open, distributed ledger that can record transactions efficiently and permanently.
Once a transaction or data has been recorded in a block, it is not possible to alter it retroactively without the alteration of the blocks that went before it, and this requires the cooperation of the network authority.
The blockchain was invented in by the anonymous individual or collective known as Satoshi Nakamoto. It was initially designed to support the cryptocurrency Bitcoin by functioning as its public transaction ledger, and it was the first digital solution to solve the issue of double spending without the need to a centralised authority or server.
Blockchain and Bitcoin have been the inspiration that fuelled a revolution in the world of FinTech. As well as use as a platform for executing and recording cryptocurrency transactions, blockchain can also be used for record management, identity management, supply chain management, logistics management, and even voting. Many believe that we have only begun to scratch the surface of the potential that this disruptive technology has.
Read more in our Guide to Blockchain Technology. Many opinion makers have likened blockchain to the dawn of the internet and have suggested that its potential could be as far-reaching and explosive, if not more so. When it comes to intellectual property, particularly in such a digital age, it can be challenging to keep track of ownership and stop infringements of IP rights.
With blockchain, each piece of intellectual property can be attributed its ID and a digital certificate which will stop counterfeiting or unauthorised use. Companies and governments around the world will be able to use blockchain based-ledgers to simplify records management, record business processes and procedures, and to tackle issues of security and compliance. The blockchain can maintain permanent, a time-stamped data record that can give companies the chance to reduce the complexity and cost of doing audits, managing files and complying with authority and governmental regulations.
Blockchain technology offers a superb solution for those looking for more transparency and increased trust levels when it comes to voting. By using this technology, votes and results can be accurately recorded securely and transparently and they will also be immune to tampering.
The fact that the blockchain is public means that the voters themselves can independently audit the ballot box and totals. There are several blockchain based programmes that have enabled job applicants to provide their credentials and certifications without the need of having them verified by a third party. Credentials and details of education and employment history can be securely stored on the distributed ledger and can provide quick access to employers as and when required.
At the moment, most of the primary uses of blockchain technology are limited to transactions via the Bitcoin blockchain, other cryptocurrency blockchains, or financial institutions. The use of smart contracts is expected to infiltrate many other aspects such as loans and mortgages, processing insurance claims, creating employment contracts, and of course, protecting copyrighted content.
As such, blockchain technology is a poor substitute for existing ownership records in developed or even emerging economies. However, some developing countries do not have any, or perhaps only have poor, structures or processes in place. In this case, blockchain technology could revolutionize certain sectors, specifically the property industry.
Domjan elaborated:. Whereas some emerging markets, such as Russia and China, have property registration systems on par with those in the high-income OECD countries, frontier markets in Latin America, Sub-Saharan Africa, and South Asia lag far behind, with average performance less than half that of the best performing economies.
Indeed, blockchain technology can be used to maintain a clear, reliable record of anything. For example, Estonia has implemented the BitNation public notary services, including recognizing marriages recorded in the BitNation blockchain, and Ukraine is developing an election platform based on the blockchain.
Smart contracts also create an opportunity for developing countries to work more efficiently. These are automated contracts developed on the Ethereum blockchain, whereby, for example, payment is released to a certain party automatically once all of the pre-determined and agreed upon conditions are met. Even though it could work well in the case of a deed transfer, smart contracts can be used in other industries as well.
Domjan explained:. The same principle can be used for transactions ranging from financial derivatives to international trade. Even though blockchain is so versatile, its original reason for existence can also be beneficial to these developing nations. Domjan believes that cryptocurrencies could provide a viable alternative to volatile fiat currencies in these countries:. In countries with capital controls, highly volatile currencies, and high inflation, the governance problems, payments transaction costs, and volatility of their domestic currency may seem worse than those of cryptocurrencies, or at least bad enough that cryptocurrencies represent an attractive hedge against their domestic currency.
We see this advantage across the developing world, from foreign investors in Brazil looking to move money, to brokers in Zimbabwe looking for an alternative store of value.