Bitcoin and blockchain are often described as the game-changers in the world of finance and international transactions. But, apart from digital transactions and secure networks, what do they have to offer to society to make it better overall?
The first and foremost aspect of this industry is the borderless currency side of things. While digital transactions have grown around the world, it is imperative to understand that the world economy is less free than ever. Only a handful of big countries control the world reserve currency and through sanctions and other economic restrictions, they can completely control the inflow of money into a certain country or place even without terrorism suspicion. Take the example of Venezuela and Iran for example. Despite having an abundance of natural resources that they can sell, their economy is in deep trouble because of sanctions. People cannot afford food and necessary medicine because of hyperinflation and such.
Other than these countries, the poorest nations also continue to suffer as they cannot be helped directly as banks do not operate universally and do not give money storage facilities to poor people.
Since Bitcoin is a global borderless currency, it can be used without interference to increase trade and charitable donations to all areas of the world, including places where no bank or post office exists. Even places without fast internet can benefit from this global currency ecosystem and send/receive money. Even without the internet, transactions can be made via SMS service only these days, thus greatly increasing the global reach of Bitcoin.
So, with a global borderless system, people can send/receive donations and buy/sell goods and services. It will increase trade and prosperity overall.
The other side of the picture is blockchain technology itself. Blockchain technology has the ability to make records immutable. These records once made part of the system cannot be erased, altered, adulterated or meddled with. This can be used to effectively increase transparency and accountability of government and private sector. The immutable records can also help make national data safer and more transparent including personal data and ID. So, all of these amazing innovations and progress are possible with the help of blockchain technology. And cryptocurrencies. Since this industry will have a big place in the future, the sooner one understands and becomes a part of it the better. It is not necessary to invest money in it. Just understand it and start coding on it for various applications can be enough.
