Forbes: how emerging markets and block chains end poverty

nnnIn the wake of the runaway, the chain-chain start-up company Everex conducts ICO, which aims to achieve Pratt u0026 Whitney Finance, the company’s blog said that the first decade of the lesson is that the global banking services behind the region’s population really need is inclusive, the right and the availability of financial instruments The And the transparency of the block chain can reduce corruption.n
nnTranslation: Annie_Xun
n2015 Forbes Interview with William Blair Partner Brian Singer, discuss how Bitcoin will end the global poverty situation. Singer argues that low-cost Internet access allows the emerging market population to use a low-cost payment system to record transactions transparently.n
nAt that time many people laughed at his idea, in fact, when the encrypted currency and block chain has not yet reached the current popularity. But for so many years have changed so much.n
nDespite the recent volatility of the encrypted currency prices, it could still be ten times more than it was at that time. More institutions and governments are aware of the value of the chain chain as a trading platform, and new platforms such as the Ether Square can even achieve smart contracts based on block chains.n
nBut what is the relationship between the current block-chain technology development model and Singer’s theory? Can block chains and encrypted money technology provide a fair environment for mankind and promote the continued elimination of poverty?n
nPratt u0026 Whitney Financen
nWorld Bank (World Bank) data show that in 2013 10.7% of the global population daily consumption level of less than 1.90 US dollars. Although this figure has declined over the past few years, this ratio still covers 750 million people. Pratt u0026 Whitney Finance is considered a key factor in reducing poverty. It refers to whether people can enter the formal financial system. For now, is to obtain banking and other financial services. Unfortunately, 2 billion adults still can not get banking services. In developing regions, mobile phones replace most of the financial services.n
nBlock chain change The potential of the financial services industry may change the status quo. The block chain overcomes many of the existing bank restrictions. Unlike traditional banks that require an entity, the block chain does not need to be run. Block chains run on a distributed network without the need for complex and expensive private infrastructures. Banks and telecommunications companies are now able to save money by providing bank accounts and mobile transaction services to customers, while the chain chain can save this part of the cost.n
nBlock market start-up company Everex’s ICO has raised more than $ 6 million (about 27,000 dollars), Pratt u0026 Whitney Finance is one of its tasks. The company will provide remittance services, microcredit, and currency exchange for population covered by global banking services through block-chain technology.n
n”The lessons of the previous decade are the real needs of the global banking services behind the region’s population is inclusive, the right and the availability of financial instruments that allow industrial countries to provide class mobility to foreign residents.”n
nTransparency means less corruptionn
nAnother way to eliminate poverty is to limit corruption. Automation and digitization can minimize corruption channels because most powerful systems will record and track all transactions. Unfortunately, once these systems are privatized, they are manipulated.n
nBlock chains as a distributed book can provide unprecedented transparency. Block chains are tamper resistant. The use of smart contracts also makes the chain more powerful. Payment is not the only transaction that can be recorded in a transparent book. Land property and other property certificates can be stored in the block chain.n
nLand plunder or global problems, the greater the risk of the poor. Corruption causes some shameless people to forge paper documents and manipulate them. Small farmers may be driven out of farmland. These people plundered the land by forging documents and titles. The land is used for urban development.n
nBlock chains can make ownership of control, because records can not be tampered with, any attempt to tamper with the network will be seen by all. The Application of Block Chain Technology in Land Registration in Sweden. Japan is also trying to use the technology for government contracts. Developing Countries’ Role in Exploring Block Chain Technology in Accounting Transparency.n
nDeveloping countries are profitable in ways to combat corruption because corruption remains the main problem in these markets and continues to cause poverty and development to stagnate.n
nMicrocredit drives growthn
nMore than a decade ago, the prosperity of microcredit was born with the hope of reducing the poverty of emerging markets. Now the industry has been criticized for its contribution to this goal, and some people even say that there is no evidence to prove its positive impact.n
nAnd people in the field of microcredit think it has become the lifeline of many poor people. Like regular sector firms, informal trade also gains money from capital flows. Funds can be used as capital for the sale of goods or capital of entrepreneurship. However, unlike formal enterprises, the poor are more difficult to obtain funds. Can not get assets and stable income, most poor people can not get traditional loans.n
nBlock chains can improve mechanisms to make microcredit possible. The block chain already provides payment and billing mechanisms. The account provides the account holder’s history of the transaction, so the loan and income history does not require an external audit or document to be provided.n
nIn addition, the block chain itself becomes a data source, making the analysis more transparent, using a better algorithm to determine the amount of loans, terms, interest rates. The optimization of these mechanisms can create a sustainable microfinance ecology for emerging markets.n
nEnd povertyn
nThe block chain is becoming a tool for social change. But it can not be said that the block chain can end poverty. Poverty is a multifaceted problem and requires a holistic solution. The benefits of the block chain can affect some of the factors that contribute to poverty.n
nAt least theoretically, low-cost, transparent and transparent trading methods have the potential to bring benefits to the poor. The block chain technology has broken through the pay field mentioned earlier by Singer. The use of smart contracts has made the financial services of the chain-chain platform more extensive and diversified.n
nHowever, as with all the good wishes, we have witnessed a wide range of applications and successful case studies before we can make judgments. Institutions and the government continue to add block-chain project, is undoubtedly a great idea to become a reality sign.n

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