Blockchain to boost the economy of developing country

Continuing the discussion from Round-up: Cardano's Vision for Africa:

Blockchain can address many issues in developing counties. By boost economy, building trust and funding startups.
Here are few ways blockchain technology can be used.

  • Access to banking and credit: Most peoples in developing countries have access to smart phone and internet but not to banking system also People live in remote places. A Mobile wallet can give access to those who in need with credit scoring.

  • Reliable form of currency and reducing corruption: Zimbabwe is suffering from hyperinflation because of poor economic policies, corruption and unrestricted printing of money. Bitcoin’s main aim was to establis trust in currency and P2P value transfer. similarly cryptocurrency can be a main stream in addressing currency crisis issue.

  • Creating jobs and education: Most developing country have young demography where there is a need of education and Job, without education the younger generation may take wrong paths. Blockchain has a huge potential and it is still in infancy so there is a need of engineers, innovation and ideas. blockchain education can help young generation to solve problems by adopting new technologies.

  • Oversea remittance: Immigrants working in developed countries can send money oversea’s to family living in developing countries with a fraction of fee and faster. Currency can be lending to small business and micro finance.

  • ICO and startup struggle: startups in developing country suffer from lacking of guidance and funding. ICO’s can help getting funding from right investors from oversea, connect to advisers, explore oversea market.

I appreciate if you can share thoughts and add more points.


Cardano will probably face cultural problem in Africa, i mean not everyone likes “progress”

@anon97642430. Every company establishing overseas faces cultural problems, best way is to educate, learn and hire local talent.
Internet and technology such as Google search, social network, computers, smartphone etc. has reduced/removed the barrier between cultures. Since blockchain is in it’s infancy we still have long way to go in adapton…

It’ll take generations in most cases

Well, I am not that skeptical about this.

It depends on what you mean by a generation - but you’ll see a sea change in a decade.

The cellphone penetration is already substantial. As long as platform developers keep in mind that there is not going to be land-based broadband connectivy they will make progress.

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You’re probably either from China or the western world

African, middle east and southeast asia don’t operate that way

I don’t know about Latin America

Just to give a clue why do you think indians move out of india and build other countries instead of their own (india) like China?

why do you think, Peoples from underdeveloped countries are moving to developed countries? or indian’s move out?

Purushu sounds indian why don’t you tell us why?

Btw I’m a Malay

@anon97642430. This is my personal story; I grow up in lower middle class family in India and all my education is from low grade school and collages now am working as senior business analyst for biggest Telecom company in Tokyo and visited several developed countries.
As I saw Poor and Rich, In my perspective. Few factors that are impacting developing countries are infrastructure, education and innovation. until now people rely on government for education and talented people were moving out because of opportunities in developed counties. But situation is changing because of cheap internet in most developing countries, education is free, tutorials are free, engineers can work from home or remote location.
Now in India, internet is very cheap, largest video consumers are from India, most colleges are going online by giving opportunities to students, by 2020 Indian government is planning to provide free satellite services to most African counties. I am seeing huge change and opportunity in developing counties because still 57% of people are poor and they will be the future consumers, they learn, they innovate and they spend.

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It still takes generations, government wants control.

You guys generally still believe in caste system.

Japanese still don’t go back home after finish working.

More than 1 billion indians never left india and those who did, didn’t want to come back.

My friend; Indian is not same as before, I am experiencing drastic changes and faster growth.

  1. The caste system is still there in rural areas but not in Urben areas because of education and work culture, Please visit metropolitan cities in India.
  2. Actually, only 5.5% of Indians have a passport, that means most peoples want to stay in india because of freedom and rich culture. compare to Japan has 21% of passport holders and most don’t want to travel out.
  3. India is having the highest remittance rate in the world, i.e. most Indians working out of India are sending money back home as an investment and savings (same as me)

I traveled frequently to developing countries and I see changes every time I visit.


I can add to what @purushu shared

I grew up in India and now I am settled in the U.S.A for the past couple decades. I visit India frequently because I have a big extended family there.

It’s no longer the same country in terms of technology adoption as the one I left a couple decades ago. Technology and knowledge are neutral to culture. If they can be used as vehicles for economic well-being social change will come, and with that cultures will gradually change as well.

On why Indians leave their country for good @purushu already mentioned that only 5% Indians have passports of which not 100% leave the country for good. :slightly_smiling_face: If your perception is that there are too many Indians outside India then you should know that the population of the country is 1.3 Billion. That means at least every 8th person in the world is an Indian or of Indian origin.

In the past couple years mobile payments networks have grown tremendously in India. You may have heard about PayTM, it’s a mobile app and the name is a parody of ATM. This startup has attracted investment from Warren Buffet who rarely invests in tech startups.

I am confident that in a decade Africa will be economically seeded and ready for a variety of startups.

Edit: fixed a couple typos