How Blockchain Technology Can Be A Boon For An Emerging Economy?

It is a common perception that blockchain is only used for cryptocurrencies. But beyond that, blockchain technology is a backbone of web 3 applications. Blockchain technology is a very fast emerging field and governments are also now adopting its usefulness in various fields like education, healthcare, banking, finance, administration and many other fields.

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Economy of any country reflects the overall picture about how that country is performing in various fields like governance, healthcare, finance, administration etc. And here the role of blockchain technology starts to strengthen the economy of any country, specially the developing countries or emerging economies.

Any emerging economy has a lot of challenges in various fields. Deploying the blockchain technology can help to enhance efficiency and transparency in governance. Here we will discuss some challenges faced by emerging economies, like inefficiency, corruption, unavailability of banking facilities to remote area, participation in governance etc.

Fighting with Corruption

Corruption can destroy any economy like a termite. Especially, no emerging economy can be strong until corruption is not eradicated from its root. Due to corruption, people lose faith in their government and such people can't work enthusiastically to boost the economy. Here blockchain technology could be boon to fight with corruption if governments make available all non-sensitive data and transaction on blockchain which could not be changed by any means by any authority. Thus, this not only could help to fight the corruption but also provide transparency in government work and transactions.

Easy Banking System

A fast and easy access to banking is a must for any strong economy. Traditional banking system is still having some flaws in it. Like it is still unreachable to remote area in developing countries, money deposited in bank is at risk in case of any financial fraud. In such unfortunate conditions people not only lose their money but also faith in banking system, and avoid using banking system which is not at all healthy for any emerging economy. Here, using blockchain technology not only provide easy access to banking but also facilitate transparent and risk-free banking. Traders, businessmen can send and receive money beyond geographical boundaries in a trustless manner. This can help to grow their business and ultimately have positive effect on any economy.

Transparent Democratic Process

In any democratic country, a transparent election and later good governance by elected government is a very important aspect to maintain faith in democracy. An election process by using blockchain technology can provide a 100% fair election process, as all votes once cast by any voter can't be changed once registered. Thus, all political party would have no choice other than working in the interest of people and providing a healthy economic environment for the people.

Healthy Healthcare System

Healthy people are always more productive in terms of their work efficiency. Traditional healthcare system need to be changes to provide quick, reliable and accessible to all healthcare facilities, even in remote area. If all health related data and history of treatment of citizens is updated on blockchain on regular basis, it will be accessible to all healthcare professional. On the basis of that, a healthcare professional could serve any patient far better as compare to current healthcare system where all patient have to carry their medical history with them all the time they visit hospital. In any emergency medical conditions this use of blockchain could save the patient life but also a lot of money and energy of all the citizens and healthcare professional.

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Looking blockchain technology beyond cryptocurrency could be an economical revolution in the world. The only condition is that sincere efforts should be made in this direction.

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