Post
Topic
Board Altcoin Discussion
Merits 1 from 1 user
Re: Is blockchain the answer for poverty-stricken countries?
by
Browncephas
on 05/08/2018, 14:58:51 UTC
⭐ Merited by gentlemand (1)
One of the ways blockchain can help the poor is by altering the flow of money. Most of the money pouring into developing nations is not from foreign aid, but rather from remittances. Study's shows that on an average, more than eight percent of the remittances sent to developing countries each year is lost to fees. Because blockchain removes the middle man, the cost of sending remittances would drop significantly. Since more funds would be reaching their target recipient, senders would be motivated to send even more, thus further increasing the cash flow into developing nations.