Blockchain can be used to overcome social inequalities like the French protests that have been occurring month-in-month-out since late 2018, the political protests that normally happen in Venezuela, and many others.
On the table, there is a new approach enabled only just of late thanks to groundbreaking technologies including cryptocurrency, DLT as well as the token economy.
Blockchain tech and cryptocurrency become crucial if you focus at the time yet to come and want to attain particular goals which are impossible to be attained using customary means and tools.
It is possible to eliminate the legacy banking systems, evade commissions and perhaps the risk of shunning the suggested investment. Financial institutions will promote and market their customers only what is in their best interest to trade. They will extremely souk especially those products that promise heavier commissions and kickbacks. A state-owned digital bank is also required to handle this.
It is possible to allow a direct peer-to-peer (P2P) investment between citizens and the State Investment Agency. Blockchain tech brings maximum transparency on how many funds are received, how many bond cryptocurrencies are issued and to whom they are lent - the final beneficiaries.
Also, tokenization enables you to split debt into lesser token tranches. A market for these cryptocurrencies can be simply formed and will enable venture capitalists to exchange the digital asset for a discount at face value in case they think of exiting the venture.
With blockchain, a cryptocurrency can be easily programmed to enable the automatic performance of subsidiary provisions like the renewal of the loan to evade taxation on expiry and the automatic deduction of taxes due.
Governments can take advantage of this innovation to start using their state-backed cryptocurrency with a plodding bottom-up method. As, the state-owned investment authority issues debt cryptocurrencies to venture capitalist and simultaneously releases funds to legatees in the form of a new state-backed cryptocurrency, and firms can begin applying this government-owned virtual currency to settle for their outlays and wages.
As soon as this government-controlled cryptocurrency begins to circulate in the real economy sans the need for aid to nationals, its acceptance will be both reflex and very steady from bottom to top. The DLT conveys transparency in the provision of real money of any government-owned virtual currency.