How the blockchain is activating non-industrialized countries

Photo by Hitesh Choudhary on Unsplash

In a world where financial differences and institutional disadvantages are hindering development, blockchain technology emerges as a ray of hope for developing nations. More than the backbone of crypto currencies, blockchain is revolutionizing governance, health care, and beyond fields. But how is this decent ledger system changing the lives of millions of people in developing countries? Let’s discover the effects of blockchain changes on these economies.

Blockchain is a decentralized, unchanged ledger that records transactions on several computers, ensuring transparency and protection. Unlike the traditional central system, the blockchain offers a trusted environment where data cannot be changed, corruption, and ineffectiveness decrease.

For developing countries, where the officers’ incompetence and corruption often affect economic development, the blockchain acts as a reliable alternative that empowers individuals and businesses.

According to the World Bank, an overall 1.7 billion adults need to enroll in formal financial administration…