The changes brought by the blockchain to developing countries will be the greatest

nRunaway Comment: The global leader in Exotix data acquisition and analysis at the specialist investment bank made a brief account of the regional differences in the technical advantages of the blockchain. First of all, it referred to the leapfrogging opportunity brought by the progress of science and technology and mentioned that the backward countries that missed the era of fixed-line coverage enjoyed a leap in means of communication due to the popularization of smartphones. It is thus mentioned that the current technical constraints in the blockchain have not yet outperformed the existing technological structures in developing countries, yet they can offer unique advantages in the still underdeveloped border markets. He also mentioned that the controversy continued to be denied currencies, which is undoubtedly an effective risk hedging mode in comparison with the poor economic conditions in countries like South America.n
nTranslation: Annie_Xun
While blockchain technology continues to make big strides in developed countries, Exotix, the investment bank, believes it will make the biggest difference to developing countries.n
In most cases, development is a step-by-step process, but in other cases, technology lets us bypass certain steps so that we can reach our goals sooner.n
Paul Domjan, global director of analytics and data at Exotix, said some technologies can skip some of the steps to bring end-user solutions to end-users along with a multitude of additional benefits.n
Business Insider reports that Domjan discussed the rapid increase in smartphone usage as evidenced by this. The fact that the developed countries cover the fixed line is already a fact, but not in developing countries. The citizens of the latter did not have the chance to experience fixed-line communications, but smartphones could cross the line and give them a hand at their convenience.n
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Block chain cut the queuen
Domjan believes blockchain may have similar effects in emerging economies. The investment bank’s experts said:n
n”The border market may now be able to once again surpass developed economies, but this time the key technology has turned into a blockchain and cryptocurrency.”n
nEven if the blockchain was originally designed to support cryptocurrencies, it would bring huge benefits to almost any industry that depended on accounting, especially in the financial industry.n
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The biggest change this technology will reveal where it isn
But even if the blockchain is a viable option for many businesses and groups, or even the United Nations, it is by no means an integrated solution, especially if one has adopted an efficient process. This is much more evident in developed countries than in some developing countries.n
Domjan explained:n
n”Because of its distributed nature, recording new assets on the blockchain can be quite slow, and trading hours are measured in hours or even days, not the few seconds typical for e-commerce, so for developed and even emerging countries , Blockchain technology is a poor substitute for existing ownership records. “n
nHowever, some developing countries do not have any ready-made processes or structures or they are terrible. In this case, the blockchain can change some industries, especially the real estate industry.n
Although some emerging markets such as Russia and China already have property registration systems comparable to OECD countries, border markets such as Latin America, sub-Saharan Africa and South Africa are far behind and on average perform less than the strongest Half of the economy.n
Domjan said real estate is not the only one that can profit from the blockchain.n
In fact, blockchain technology also allows users to maintain a clear and reliable record of any record. For example, Estonia has deployed BitNation notary services, including identifying marriage records on the BitNation blockchain; Ukraine also develops an electronic platform based on the blockchain.n
Smart contracts can also create productive opportunities for developing countries. They are automated contracts developed on the Ethereum blockchain, for example, to automatically pay one of the parties once all the preconditions have been met. Even though it performs well in property transfer, it can actually be used in other industries. Domjan explains:n
n”The same principle applies to transactions from financial derivatives to international trade.”n
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Do not forget digital currencyn
Although blockchain technology is so versatile, its original intentions will benefit these developing countries. Domjan believes cryptocurrencies can effectively replace the currency in these countries.n
In capital-controlled countries, high currency volatility, high inflation, governance problems, transaction costs, domestic currency volatility may be worse than cryptocurrencies, or at least terrible to make cryptocurrencies an attractive domestic currency risk hedging instrument . We see their advantages in developing countries, such as Brazilian foreign investors remitting money to Zimbabwean brokers seeking alternative stored-value methods.n

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