How Blockchain Financial Services Will Transform The Global Economy

Blockchain technology is transforming what it means to bank in major ways. People from all over the world are learning about the advantages this technology offers, and every day new and more advantageous blockchain startups are entering the marketplace. The open nature of the decentralized economy is truly inspiring, and for the first time in history, there is a real opportunity to solve many of the problems associated with our financial system.

A recent study conducted by the World Bank Organization revealed that more than two billion people around the world lack adequate access to financial services. These individuals are forced to conduct all of their transactions in cash which can be dangerous as most of these areas are located in developing nations. The study also revealed that over 50% of adults in the poorest households are unbanked.

This lack of financial inclusion is seriously hindering world economic development, and in many countries, there has been considerable effort put forth to tackle this problem. Unfortunately, many of these programs lack the technological ability to solve these problems.  Considering that the problem is inherent in the current financial system, there is little hope that a solution will come about using the current centralized economic stance.

Why Blockchain is the Answer

A new decentralized approach is needed to provide these individuals with fair and equal access to financial services. The centralized nature of our current banking system requires a huge infrastructure to implement and the investment capital to institute these expensive additions is not practical in many poorer nations; many of which, still lack access to basic infrastructures such as roads and hospitals.

blockchain cost effective

Blockchain technology could be instituted in a manner that is both cost-effective and highly efficient. Thanks to blockchain technology, everyone now has equal access to financial services on a global scale. The transparent and immutable nature of blockchain technology makes it perfectly suited to handle these real-world problems.

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