We might not accurately know when the adage ‘developing countries’ came into colloquial use, but essentially it indicates the host of nations that are relatively and similarly poor in social and economic measure. These nations have the potential to progress but do not have adequate access to present day technology, primarily due to lack of infrastructure which is now their Achilles heel.
However, today we could possibly fathom tackling sundry of these challenges plaguing the developing nations with the help of the modern day marvel – blockchain technology. Fundamentally, these nations need transparency, security, and accountability in their processes, all of which are cornerstones of this blockchain technology.
But why is blockchain relevant?
First and foremost, the technology is decentralized and hence eliminates the custodian restraints of any private entity. All the data in the system are digitally crypted for unique identification and once posted, a record can never be changed or deleted, leading to security.
Secondly, blockchain concept works on ‘smart contracts’, wherein transactions happen only if certain pre-set requirements are met, so there will accountability of all transactions.
Thirdly, the fact that it is an open ledger for all the users in the system to view and monitor, leads to complete transparency.