Benefits of blockchain to 3rd world countries.

The introduction of blockchain technology in 3rd world countries will be a game changer. The countries will benefit a lot when compared to the developed world. Most of the systems which are now put in place by local governments are not fully functioning due to a wide range of inefficiencies which are being faced in such areas. Some of the sectors which will benefit a lot from the technology include the following.

1.Funds management : With the high corruption being faced at the moment in some counties, the governments will use crypto when carrying out their daily expenditure. This will enable citizens to monitor every single coin thus capping corruption.

2.Banking the unbanked: A huge portion of population in such areas are not able to access banks. This is because most of the banks are located in major cities. With the easy accessibility of smartphones now, the local people will be able to enjoy all the banking services they need with the help of blockchain technology. This will be of great essence since most of them will be eligible for loans with the help of financial data collected from their phones by lenders.

3.Transfer of property: Transferring land and other highly valued assets can be a challenge in some countries. This is due to the fact that most of the processes are not computerized and thus the paper work being demanded by the authorities can be quite demanding. By basing such a process on blockchain, operation cost will be reduced a lot. It will also play a major role in reducing fraud in the land sector.

4.Low cost of doing business: The region will be able to compete with the rest of the countries fairly when it comes to foreign investments. Most of the 3rd world countries are not attractive at the moment due to the high cost of doing business. With blockchain, investors will realize good profit in such countries because of reasonable cost of doing business.