Since I have been involved with cryptocurrencies for fair amount of time, i am going to talk about something that many people fail to understand. Everytime someone talks about blockchain (digital ledger where transactions made are recorded publicly or privately), the name “Bitcoin” comes into people’s mind. It is no doubt that blockchain was started from bitcoin, but over year it has moved on to become more advanced form of technology, which is not just limited to bitcoin or any other cryptocurrencies. The use of blockchain has become the hottest topic for every business and even individuals who want to be involved in this piece of tech. Initially it was the financial freedom that gave rise to bitcoin and later there came other projects that went beyond being a digital currency and more into utility based coins. Ethereum, Stratis, NEO, Ontology, Ardor, etc are some of the example of projects that went beyond being just a currency and more of a platform where other Decentralized applications(Dapps) could be created.
Now lets get into the topic and talk about something beyond what all these projects are doing and how a blockchain can facilitate in solving a lot of problems faced by businesses and individual in day to day activity. As a person who lived in a less developed country and seen a lot of problem, i am confident that many of these problem can be solved with the help of a blockchain. Many project are already working on making this world a better place with the help of a blockchain, by using it in supply chain management, product authentication, personal security, business process redesign, social networking, identity verification, cloud computing, assets tokenization, banking, etc. All this has helped in understanding the benefit that blockchain brings to businesses. On the other hand,many less developed countries face the problem of corruption, counterfeit product,financially untapped markets, election irregularities, high cost of procurement, energy leakage and countless other issues that has been hard to control. Blockchain can be the light in the shadow for these countries. They can have better reach to financial freedom, get what they paid for, be more informed about their tasks, get better communication facility, avoid energy leakage, and many more. Blockchain can actually help people in these countries to get those facilities which they are deprived of currently, in a more co-ordinated way with transparency and legitimacy.
Many project are already working on these issues. Humaniq is one such project that is trying to bring 2 Billion+ unbanked people into mobile banking in blockchain. Wepower has been working currently on Australian energy sector and plans on expanding. Encryptotel plans on using blockchain for VOIP and telecommunication.There are many other project that has understood that actual wealth lies in giving people what they don’t have, rather than giving them something different from what is already in existence. Business success lies in these less developed,untapped markets, which has huge potential to grow and where people are more interested to get included. I think now is the time to shift focus from developing the developed to developing the less developed, so that more people are included in this new revolution of finance and technology.
Thanks for reading this and i would be more than happy if you provide some feedback about the article and also suggest me what next should i talk about in coming days.