the role of blockchain in emerging markets
TRANSCRIPT
THE ROLE OF
BLOCKCHAIN
IN EMERGING
MARKETSby Ping Jiang
The American economy is built
on a trusted, central authority to
regulate and insure personal
finances, like the FDIC and the
Federal Reserve.
BACKGROUND
However, nations without reliable
governmental institutions need
something as well, to protect
consumers from corruption and
other issues.
Blockchain technologies are a
great option.
CHALLENGE
WHAT IS
BLOCKCHAIN?
BLOCKCHAIN
Is a long, ever-growing line of blocks (records of transactions), which is constantly updated by millions of semi-autonomous nodes every time money changes hands or a block is altered.
WHAT IS
BITCOIN?
BITCOIN
Is an example of blockchain technology. Its biggest selling point is that it does not rely on a single organization (like a bank or the Federal Reserve) signing off on a currency trade.
IS THERE A NEED
FOR BLOCKCHAIN
IN EMERGING
MARKETS?
BLOCKCHAIN-BASED
TECHNOLOGIES Are perfect for emerging market because they safeguard users from corrupt moneylenders or national banks. This is especially relevant for money remittances. In Africa nearly $41 billion was remitted in 2015–and remitters lost a whopping 12% in fees for every $200 sent. Blockchain can help alleviate these losses by cutting out middlemen and services that dominate the market.
CAN BLOCKCHAIN
TECHNOLOGY FILL
IN THE GAP?
BLOCKCHAIN
STARTUPS CAN Put an end these problems, allowing immigrants and their families to hold onto their cash, and freeing them from the grip of a wasteful, corrupt system. By expanding into emerging markets, Blockchain tech can sidestep weak, haphazard regulation, and instead allow users to take control of their financial destiny.
HOW IS
BLOCKCHAIN
USED OUTSIDE OF
FINANCE?
BLOCKCHAIN
APPLICATIONS Are responsible for the Internet of Things (IOT), which is basically connecting things (from smartphones to jet engines) to both the internet and each other for increased efficiency. For instance, the navigation system of a container ship transporting raw materials to a port could automatically notify harbor control of its arrival, so that the proper cranes and staff are on hand to facilitate transfers.
FOR MORE
INFORMATION
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