Blockchain a Necessary Technological Tool


Today, the blockchain talks focus on its great power to: generate massive efficiencies for the financial services industry (a recent McKinsey report projected up to $ 110 billion over the next few years), allow companies to transfer More secure data and allow the creation of new markets and financial products. These are valuable commitments that may also have positive humanitarian implications, but often the missing piece is how direct block chain and especially the Etherum platform can affect development, sustainability and charity.

It should be noted that the systems based on block chains will reduce the access barrier to the global financial system. According to the UN and the ID2020 project, currently 2.5 billion people lack identity in order to access financial and government services. M-Pesa is an example of a digital platform that allows people without such access to claim a financial identity. It was quickly adopted in Kenya due to the void there for the identity provided by the government also other countries of the African continent implemented the mentioned technological tool.

Notably, these 2.5 billion people are currently unable to capitalize on their human creativity or desire to produce. Without identity, they are forbidden to create contracts, obtain loans or develop credit history. Block chain identity unlocks its potential to engage and add value to the global economy by bringing that identity into contact with decentralized applications (DApps) that behave as financial services, offering vehicles for loans, banking and investment. UPort provides the necessary identity support based on the block chain in which these other services can be overlaid.

However, to reach the entrepreneur level, it has required project financing, and access to lawyers, for example, to create share purchase agreements. Today, with blockchain-enabled applications like WeiFund, becoming an entrepreneur can literally be “just a few clicks away”.

It should be noted that the previous generation of entrepreneurs did not necessarily have access, financial or legal tools to secure funding or create legally sound contracts. Block-based financing is the next logical step in the trajectory of traditional adventure fund-raising, crowdfunding platforms like Kickstarter and Indiegogo, to a world where investors can track how their funds are used and invest any Amount of currency, trust. Projects around the world. Thanks to the blockchain technology tool, great advantages and benefits can be obtained.

Reference: futurism.com

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