Blockchain & Poverty

Note from the CEO: Having just read a similar article in last weeks’ weekend WSJ it is nice to see the possibilities of blockchain technology applied to social good catching on. This is a very good read and we want to make sure (very sure) that if blockchain can help end poverty that our address at FintekNews is…………………. Just hoping.

Advancements in technology have contributed in significantly reducing global poverty over the last 100 years or so, but there are still well over a billion in extreme poverty. Obviously in remote undeveloped countries, but those same countries are where the new blockchain technology can make the most difference. Ironically, the greatest beneficiaries of all this are women and children. This is a very informative (and happy) read.

“Technological advancements have reduced global poverty significantly in the past 100 years. Although many people have been able to leave poverty due to this, however, still more than 1.3 billion people live in extreme poverty. Extreme poverty is defined as having less than $1.25 to spend every day. There are a wide variety of causes for poverty, which differ per country, but in general causes for poverty include: lack of education, environmental problems, lack of access to banking facilities, lack of legal ownership of property, lack of rule of law, overpopulation, epidemic diseases or changing trends in a country’s economy.

Overcoming poverty is vital if we want to create a world that is peaceful and fair for everyone. Besides, in 2015 the United Nations adopted the Sustainable Development Goals, which includes challenging global leaders to help end poverty in all its forms, everywhere, by 2030. In this article, I will argue why and how Blockchain could help achieving this goal. Breaking the cycle of poverty begins with investing in children and providing them with quality education, knowledge and skills to enable them to realise their full potential. Next to education comes access to affordable proper health care, access to clean water and sanitation and, last but not least, economic security which is where Blockchain comes in.”

Read Full Article at Datafloq.com