“The poor don’t lack capital; it’s that they can’t monetize it.Financial institutions require collateral before granting loans.However, non-availability of property records has severally been a challenge to accessing these loans.Contrarily, blockchain technology provides a public record of financial dealings, allowing citizens unhindered access to government spending records.On the flip side, internet penetration continues to grow at an unprecedented rate.Why? Because they live on less than 1.25 USD/day, adjusted according to 2005 purchasing power parity (PPP).With a decentralized ledger of property rights, a formal record of property rights with which property owners can value their assets can be created.Such records can be utilized in town planning, business development, agricultural development initiative and land dispute resolution
Poverty is a friend to corruption and bad governance.A piece of cheering news is that every day, around 250,000 get out of poverty – exciting.It will also reduce the cost of fighting poverty.
A major challenge in hunger eradication is a lack of accurate and timely data, especially in Sub-Saharan Africa.The nearly 2.0 billion unbanked adults reported in a research by McKinsey and Financial Access Initiative are spread in the regions (Africa, Asia, Latin America and the Middle East) most plagued by poverty.Under-nourishment accounts for almost 45 percent childhood mortality in children aged 1-5 years in sub-Saharan Africa.Blockchain, on the other hand, has an element of anti-corruption – transparency.This means that over 98 million Nigerians could access the internet while 48.7% in Asia representing over 2 billion users as of December 2017 have access to the internet.The all too common methods of electoral fraud frequently engaged in by political parties, strongmen and cabals would be mitigated in a blockchain election.This is especially ‘problematic’ in Sub-Saharan Africa where the tools needed to collect a full set of data on MDGs are available in less than half of the countries in that area.” Adoption and implementation of blockchain even alongside other technologies will enhance performance measurement, and facilitate the synergy between sister Charity organizations.Recently, the UN experimented with blockchain powered vouchers with 10,000 Syrian refugees, the vouchers were redeemed for food items in local markets.The inception of Bitcoin and it’s underlying technology the blockchain, many people have been able to change their situations utilizing cryptocurrency.[Are Top Bitcoin Right That True Now Predictions Coming]
The UN and governments proposed the MDGs (Millennium Development Goals) now replaced by SDGs (Sustainable Development Goals) whereby in 2030, extreme poverty would be a thing of the past.With Banking density very low in many of these countries, and high bank charges, blockchain can provide an immediate solution.In a report published by WFUNA (World Federation of United Nations Associations) on MDGs, the lack of quality data was described as ‘problematic’: “Monitoring the process of poverty reduction has been a difficult task, due to the lack of quality data taken at steady intervals.In Nigeria, Internet penetration hit 50.2%.Their finding revealed faster service delivery in the use of blockchain technology compared to international financial institutions.
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It has been stated that blockchain is a disruptive technology, nowhere would this disruption be more profitable than in achieving SDGs’ poverty reduction targets.As the clamor for blockchain adoption falls on listening ears, the fight against poverty will receive added impetus from the implementation of the blockchain technology in critical areas of poverty alleviation.
Sub-Saharan Africa has the highest prevalence of hunger.MSMEs require capital not only to grow but also to build capacity.Blockchain as an immutable digital ledger can provide timely records that can be used as collateral.Incidents of falsifying figures, under-age voting, result manipulation, voter intimidation, vote buying would all be reduced, courtesy of the decentralization, anonymity and transparency of blockchain networks.[Payment Introducing A As Option Zimpler On New Bitpanda]
Poverty still remains one of the many unsolved problems of man.Please wait, you haven’t read it all; every day 42,000 people abandon their homes due to conflicts – this is not good news.
Many economies rely on Micro-Small and Medium-Scale (MSME) Enterprises for employment creation.Fixing that, is the most important thing you could ever do to foster economic growth.”– Hernando de Soto
Lack of access to financial resources is one of the basic causes of poverty.Armed with this knowledge, corrupt government officials, bankers, and others can then be questioned over any discrepancies with approved budgets.[Dev Rewards Block Daily Top Ever Lowest Quits ETH]
Bad governance breeds poverty.Corruption thrives with secrecy in financial handlings.It is estimated by the UN that about 800 million people still live in extreme poverty.It is estimated by the Food Aid Foundation (FAF) that one in four persons is under-nourished.Contrastingly, good governance cannot be achieved in climes where citizens are not allowed the inalienable right to vote-in democratically elected leaders.This means by the time you read this post, the number of poor persons around the globe would have dropped further.One way it is hoped this could be achieved is by ensuring people everywhere enjoy a basic standard of living.
How Blockchain Technology Could Play A Role
A report from the United Nations Development Programme (UNDP) showed that limited progress was made in sub-Saharan Africa and South Asia in the fight against poverty.The blockchain can play a role in alleviation in the following ways;
Banking and Financial Services
Blockchain is an internet technology and can be accessed by these burgeoning internet users for banking with little or no hidden charge or administrative cost.[Year Review 2018]