Looking at the Blockchain technology in developing countries

By Wirba Brice Divine Ransinyuy. [email protected]

Editor note: Title has been slightly updated

Every time and then in the world these days around, a new technology comes along that changes everything in an unbelievable way. Too many experts and observers, the latest trend now is the blockchain technology and how it has revolutionized the digital currency world without any doubt. It has not only changed the way digital currency is being looked upon, it has also brought along a significant impact to supply chains. Not like other technologies, the blockchain technology and revolutionized digital currency has shown its capacity to completely destroy or bridge the then gap that was existing between the developed world and developing countries.

Many at times, technologies were seem to be limited only in developed countries, but this time, it is not the same thing or issue. Things have really changed and led to a drastic turn around in favor to developing countries as then turn to exploit more than anyone could ever imagine. This is because the way out to their suffering is more available than it has ever being to them and their population. This is case with a Latin American country which was a state of economic chaos and out of the control. Cryptocurrencies are really saving Venezuelans. Venezuela is one of the few countries at the moment right now that have managed to exploit the blockchain technology to its fullest. In their view, the blockchain technology is seen as a relevant alternative to a financial institution or a legal framework adding to an already existing one. With the use of the blockchain technology in Venezuela, it helps to correct any mistake or irrelevant decision being taken by the government at the detriment of the society indirectly. Luckily, the blockchain technology is here to correct that. Due to the inflation, they incurred, it became really difficult for Venezuelans to survive and as such, they needed a way out as people began adopting the use of cryptocurrencies as a means of exchange. It all started through a tech-savvy, though as time went on and business became alive, they opted for a more and realistic method which was the use of Dash as a cryptocurrency, as it was done with a simple SMS notification. The Dash crptocurrency came on to savage the Venezuelans in that, it became more valuable that the Bolivar and also, the Dash could be used to receive funds from abroad which was not necessarily the case with Bolivar, the local currency.

The promises that the blockchain technology and the revolutionized digital currency is offering are enormous and up to date, they have lived up to expectations. Some experts see it as the next General Purpose Technology which has been widely accepted and recognized globally.