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Cryptocurrency and the Blockchain have made quite an improvement over the last couple of years. People have started accepting the existence of Cryptocurrencies. While many industries are adopting blockchain technology.
For instance, Cryptocurrencies are now not limited to the digital assets; they have been currently being used as currency for financial transactions.
While on the other hand, Blockchain is considered an element to fill the gaps in the financial transaction system.
Looking at how both Cryptocurrencies and the Blockchain technology have found themselves a place to fit in perfectly is itself surprising. Wo would have t6hought that a mere concept will become a reality and will be regulated to this extent.
Bridging the gap between banked and Unbanked
Financial inclusion has been a trendy topic in the market and policymaker. According to experience, we have seen that financial inclusion has affected the economy positively. According to the global finder database, the exchange of the unbanked is increased at a rapid rate. As we speak, only two-third of the adults are banked, while the remaining one third are unbanked. This number also includes only high earning adults. Countries like Nigeria and Bangladesh fall under the one-third category.
According to the world bank, the reason for the adults not having a bank account is not for the purpose because they are weak, but it is because of the distance and lack of banking facilities. The travel expenses and complicated paperwork has made them stick with the traditional method of savings.
However, all the unbanked adults have a smartphone that they can use for banking facilities. It is where Cryptocurrency and the blockchain technology jump into the frame.
How Cryptocurrency took the advantages of Unbanked adults?
We all know how banks are responsible for boost the economic standing of the country. And if we consider providing bank accounts to this one-third of the population, we can certainly see an inclination boost in the world’s economy.
The gap between the banked and unbanked is enormous. People have tried their best to reduce this gap but were lacking technical and technological support. But with the help of the blockchain technology and Cryptocurrency, you can expect them to cover up the gaps.
And the best part of this procedure is that there will be no additional cost. It would be best if you had a good internet connection, and you will be all set to go.
With the internet’s help, it will be easier for you to create digital wallets to store your digital assets. And with the help of those wallets, you will be able to send and receive money quickly.
With all the online transactions going around, it becomes necessary to have a safe and secure network. It is where you will need the blockchain technology. Blockchain technology can provide a public ledger network that can keep tabs on every transaction.
Countries like South Africa, Nigeria, and Venezuela are already using Cryptocurrencies in their day-to-day lives.
How Blockchain can control Corruption?
One of the significant problems that the developing countries face is money laundering. There have been many cases where a sum has been issued to perform a task, but it is being laundered without a trace.
With the help of Blockchain technology, every shared information and transaction can be tracked easily. With the public ledger network to boot, there are no single owners, and every member has ownership. It makes it difficult for hackers to hack into the system.
What Future has in store for Cryptocurrencies
Though the developed countries in several industries are using the Cryptocurrency and the Blockchain technologies, we are far from completely understanding them. Every year, we get to see the new implementation of these two technologies.
Cryptocurrencies are being used as a medium for financial transactions. And it seems this method is quite popular among the migrant workers because of its less transactional costs.
In conclusion, you can stay that Cryptocurrency and Blockchain technology has a meaningful impact on the industry.
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