cryptocurrency

5 Ways Cryptocurrencies Helps Developing Countries

This article has been originally published in theripplecryptocurrency.com, to read the original click here.

Cryptocurrencies are changing the world in more ways than meet the eye. They have made transactions easier and safer, and the blockchain technology that allowed them to exist is now being used for more than just cryptocurrencies.

Among the most promising developments that have spawned from the cryptocurrency space are the ones that are taking effect in developing countries. Some people believe that cryptocurrencies have thus far functioned only as another game for wealthy investors. The truth is that many people in developing countries are now able to join global commerce in ways that they haven’t been able to before.

The biggest advantages that cryptocurrencies offer the developing world are increased access to money, the improved ability to send or receive it, greater access to ATMs and digital wallets, and a huge increase in transparency, which is sorely missing in many countries.

Cryptocurrencies are helping out developing countries in more ways than one.

1. Access to Banking

The World Bank estimates that over two billion people around the world lack access to banking services. There are several reasons for this, most of which center around poverty, but the end result is that these people are disconnected from global commerce. This is where cryptocurrency now shines…

There are many applications that allow you to open a cryptocurrency wallet and use it for banking purposes from your mobile device. Because mobile devices have proliferated in the developing world far faster than banking services, there is now a perfect opportunity for cryptocurrency to fill in a huge gap in international commerce. The end result is a higher level of inclusivity than would ever be found in traditional banking services.

2. Easy Transactions Over Mobile Devices

The accessible nature of cryptocurrencies allows you to easily complete transactions over your mobile device. It is now safer and easier to maintain a cryptocurrency wallet than it is to deal with banks and various financial institutions, which make international transactions difficult or costly.

3. Greater Transparency

Of all of the challenges holding developing countries back, corruption is one of the most persistent. Unnecessary bureaucracy and corrupt officials cause the ever-growing gap between the rich and the poor to persist, and even money that is set aside for the public interest simply goes missing on a regular basis.

The blockchain technology that enables cryptocurrencies to function comes with tools that make corruption impossible; or at the very least too visible to go unnoticed. The blockchain is an immutable ledger of all transactions. This means that every transaction is publicly recorded on a ledger and it can never be deleted.

This level of transparency makes unscrupulous activities difficult to get away with, while also allowing ordinary people to safely conduct transactions.

4. Greater Social Mobility

Despite the stereotype of cryptocurrencies being another game available only to the rich, cryptocurrencies offer a new solution to global income inequality.

One of the greatest setbacks to social mobility in the developing world is corruption, but as we have seen, that issue is tackled ferociously by cryptocurrencies and their blockchain technology.

Unlike traditional banking institutions, no physical presence at any specific location is required for crypto banking. Generally speaking, you just need an internet connection and a crypto wallet. Now some countries are seeing the rise of crypto ATMs, allowing any user to purchase, send or receive money from anywhere in the world.

Cryptocurrencies provide accessibility, transparency and clarity, three things that are often in short supply in many developing countries.

5. Easier Remittances

Every year, hundreds of billions of dollars in remittances are sent to developing countries. According to the World Bank, this figure stood at approximately $441 billion in 2016.

The remittance payment process has created a global industry that is seldom favourable to migrant workers and immigrants. Traditional remittance services such as Western Union collect fees and sometimes enact various different charges, making these transactions more expensive.

Cryptocurrencies have allowed remittance payments to be made in an easier and far more affordable way. Crypto transfers are conducted very easily, but not at the expense of safety. This is another factor that has made Bitcoin popular in developing countries. There have been new services emerging in developing countries, such as SureRemit from Nigeria, that are targeting the growing crypto remittance demand.

The Verdict

Cryptocurrencies have offered the world an alternative to the problems that come with traditional banking. These alternatives have extended to countries of all levels of economic development. It will be interesting to see how the world at large changes as a result of cryptocurrencies, but there is no doubt that they are also helping developing countries.

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cryptocurrency

How Blockchain Could Fix Facebook’s Fake News Problem

This article was originally published at www.ccn.com. to read the original click here

After the 2016 United States presidential election, Facebook started to receive flak for its possible role in Donald Trump’s victory. The usage of Facebook profiles for data analysis by Cambridge Analytica, the immense number of fake news articles on the site and the impact of confirmation bubbles meant that Facebook’s platform was being used to drastically misinform users about the world around them. Though Facebook has recently cracked down with their fake news problem, they still face many roadblocks.

Since Facebook operates as the largest community in the world, the company has an obligation to ensure information getting traction on their platform is accurate. With Mark Zuckerberg being called before Congress and the company coming under fire from legislators, Facebook needs to come up with some technical solutions that can help mitigate their fake news dilemma.

Blockchain technology offers Facebook a variety of ways to overcome information inaccuracy and tampering. Whether they develop a blockchain network to track individual node activity and verify information or integrate blockchain into incentive systems, the tech can help Facebook get back on the right track.

Identity Verification

One of the largest problems Facebook has been seeing is the rise of fake accounts and the usage of these accounts to do mass promotion. These accounts have been tied to the spread of fake news links through Facebook groups. While Facebook has already taken measures to utilize machine learning and artificial intelligence to spot and shut down fake accounts, integrating blockchain can boost these efforts.

With a blockchain network tracking identities on Facebook, individuals can have transparent assurance that their identity is not being stolen. Furthermore, Facebook will be better able to track and compare the actions of various accounts. If one bad actor is in charge of a variety of accounts, blockchain can spot and stop this activity faster than machine learning can.

Rewarding Content Creators

steem
Steem is one blockchain-based platform designed to reward content creators.

Steem launched as a blockchain-based social media network that rewarded content creators with financial incentives. This platform works similarly to Reddit and gives posters tokens based on the number of up and down votes they receive. Since posters are financially incentivized to minimize down votes and are rewarded for quality content, the social media network is able to sort out bad actors without external intervention.

Facebook could integrate a content-creation incentive system like this, where the highest quality content creators (influencers) are offered financial compensation for driving a large amount of positive engagement. On the flip side, the system would also track and purge content creators who cause the most problems and are frequently reported by the community. Overall, the system should help get more people adding quality content and reduce the amount of fake news and low-quality content.

Tracking Journalist Bias

RedPen is a project that will utilize blockchain technology to track journalists’ reputations and communicate that information to readers. The premise is that blockchain is able to analyze a person’s reputation and bias based on a set of data. The service can then offer insights about the reporter based on any particular bias they have. For instance, if a tech writer has written pro-Apple pieces in the past, that information will be communicated in his blurb when he does a review of the latest iPhone.

Facebook could utilize a similar approach of understanding what people are saying off of Facebook and treating that as a filter. For instance, if someone has a history of posting malicious or false information on a personal blog, that information should be communicated alongside anything they post on Facebook.

Using Crowd Verification

Trive is a social science global consensus engine that researches and clarifies facts and empowers users through cryptocurrency to discover truth through wisdom of the crowd. Combined with game theory, Trive will enable people around the world to research, verify and score the truth of almost any piece of information.

Crowdsourced content verification acts as a normal spam filter on Facebook currently. It makes sense that sepcialize providers would be beneficial in helping monitor content as well as create an ecosystem that rewards people’s time and effort.

Analyzing Publication Bias

Finally, Facebook can work with major publication and content hubs to track the consumer sentiment on their articles and on Facebook to identify the quality of their publication’s content and any potential biases. Blockchain has the ability to crowdsource data and incentivize people to adjust their actions.

With blockchain, Facebook stands a chance of combating fake news and helping create a more helpful environment for their users. There are a number of different approaches they can implement, each offering a different set of product functionality. At least one of these solutions should be used to help track and stop bad actors in the Facebook network.

Disclaimer: The views expressed in the article are solely that of the author and do not represent those of, nor should they be attributed to CCN.

Share you thought with me in the comment section and express your opinion. Awareness and open conversation are the key for the creation of a better future.

If you like this content and would like to get more, Please like this post subscribe to this blog or to my Facebook. Your support is giving me motivation and helps me cause. For more topics in this blog click here.