Blockchain has taken the market by storm. A lot of major organisations have been working with this new technology and experimenting with their ways to get this in order. Huge companies at wall street started utilising the decentralised money to get things done in with lightning speed. The money has been rotating in the market reducing the tax deductions and increasing its value due to cryptocurrencies.
We have seen blockchain working to a great extent to help these multi million companies get more money but the question at the moment is will this new technology be able to help the poor in the world. No, I am not talking about just smaller companies. The question is regarding countries which are starving and have got very less for survival.
The blockchain has helped a lot of young entrepreneurs get funding for their ideas through an ICO. This has been a massive leap from having no money to initiate their idea to having millions in funding to create an organisation which can show a huge success. These entrepreneurs who don’t just belong to first world countries but also to those who are just surviving under a hard dictatorship or have been left behind during the industrial revolution.
Blockchain has brought changes into lives of people who send their money internationally. Many immigrants who work on daily wages in various first world companies send a monthly amount back home. However, the transaction fee is very high for example If someone wanted to send $100 to Nigeria from the USA, then he or she will have to pay 10.69% as the transaction fee, but this is not the case when it comes to blockchain industry. The transaction fee is decidedly less when they are sending money using this technology. The money they send and the money received by the family is almost equal, which is not the case when transferring through banks or other transactional services.
We all are aware of the fact that the money is always either lost when moving from the highest level to the lowest or it is reduced into a shallow value which probably will not be helpful to anyone. The noble cause is lost because people didn’t have the heart to give the funds to the right place. Blockchain will not only stop the corruption but also reduce its overhead expense cost. The money will be spent for the reason it was raised in the first place.
There is a vast scope of it being a success in the future in the government sector. Where government will be able to save millions which are taken as transaction and other taxes will be reduced to a minimal charge, and the rest can be used for development.