Ban on Blockchain – a Technological Suicide for Countries (Part 1)

When even North Korea announces plans to host its first-ever international conference on cryptocurrencies and blockchain technology, there’s no more denying the mega force of transformation blockchain is! From banking, to corporate payments, medical research, space exploration, defense, diamond and precious stone mining – this technology is upgrading every industry possible. With even minor countries like Estonia, Liechtenstein, and Malta embracing it, it’s a wonder why certain bigger countries and economies, like China, are so averse to adopting blockchain. Here’s a cursory look at at least three administrative areas with scope for improvement that could do with blockchain in these countries:
1. Keeping a tab on the population becomes easier: In countries that have a large population, but an infrastructure that doesn’t meet the requirements of regulating the growth and fall of population, migration trends, employment statistics, etc, of a disproportionately distributed population, an immutable, easily accessible, public ledger would be a life saver.
2. Pollution control: Often, when there isn’t a solid system in place to hold factories and manufacturing houses accountable for flouting environmental policies, these entities get away with irreversibly damaging water bodies, quality of air, and natural resources. This in turn causes health hazards to the regular public, without the ones responsible for causing it facing any consequences.
A blockchain database could store the estimate of the level of emissions a factory gives out during a production process, and, as in the case of automobile manufacture, it would also keep a record of the toxic gasses its products release as well. This data would subsequently be utilized to put together a carbon taxation system, the funds from which could be redirected to maintain the environment.
3. Financial inclusion: This is a problem mainly faced in countries that have large swathes of geography still untouched by urbanization, thus leaving huge chunks of the population without access to indispensable facilities such as banks, ATMs, and opportunities to be a part of thriving businesses or other money-making set ups. This is mainly due to the high costs involved in building the required infrastructure of traditional banking models. However, this obstacle can be circumvented by deploying mobile devices and internet – both of which have comparatively greater presence and reach in rural populations.
Incidentally, a mobile phone and internet is all a blockchain based payment system requires to connect people regardless of their geographic location, and facilitate easy transfer of money, making payments, and maintaining personal accounts to store digital currency without any threat of theft or fraud.
California based software development company, HashCash, has already collaborated with civil service organizations to bring blockchain based banking services operating on HC Net, to hard to reach parts of Burundi and Nigeria, and is poised to repeat the process in other locations as well. They have been proactive in cooperating with other interested parties to take similar operations world wide, to bring about a visible change in the economies of emerging countries.

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About Zaiceka Ahmed

Aspiring novelist, interested in all things beautiful, including the rapidly evolving world of technological marvels.
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