Essay Sample on Social Benefits of Blockchain to Emerging Economies

Introduction

Blockchain debates have been one of the most debated topics across the world. The most part of the discussion has been on the disruptive nature of the technology and its potential impact on the emerging economies. However, while there are cons to the blockchain technologies in the emerging markets, the pros give compelling evidence in support of the blockchain in emerging economies such as Kenya, India, and South Africa, Thailand and Brazil. The folioing is a discussion of the pertinent Pros of the blockchain technologies to the emerging economies. The blockchain is the latest cryptographically protected distributed ledger for transaction decentralized across numerous locations worldwide. All the computers in the blockchain network are interlinked such that changes in the content are replicated across all servers in real time. It is currently the only technology that can provide reliable transactional benefit to international trade.

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Blockchain Being the Backbone of Multiple Applications

While block chain has been inherently assorted with the cryptocurrencies, the technologies can support several new applications. The technology has a lot of potential especially in the globalized world where companies and individuals are conducting business across the world. It is on the blockchain platform that new entrepreneurs can create smart contracts without owning the platform that drives the smart contracts. As compared to the previous years when people had to own the platform to develop their application, new entrepreneurs can develop a new application on the platform without paying anything. For example, social problems such as enrolment can be solved using the blockchain technologies that allow the people to develop an application that drive social programs and are paid for the services just the way the application developers for Android, IOS. The platform can help create jobs and their payment would be guaranteed by the technology.

Securing Payment

One of the main problems facing emerging economies and third world countries is poverty. The backbone of these countries' economies is agriculture. The exploitation of the peasant farmers by the middlemen is their mainstay because they do not have to technologies necessary for processing and receiving their payment from the countries to which their goods are explored. Therefore the blockchain technology would help in automating contract with the buyers, reduce the need for intermediaries who have been acting as guarantors for their transactions. The blockchain an also drive centralized land registries or all landowners thereby reducing land fraud. The use of blockchain would reduce the cost of financial transaction and time required to process these transactions while at the same time reducing the possibility of errors as multiple parties work to reconcile their ledger books in the blockchain. The payment would also be secured as the bock chain technologies reduce the possibilities of fraud. No one party can retroactively alter the transaction records without the other parties being notified of the alterations. This way the technology would help in driving transparency in payments

Healthcare

Emerging economies also have to deal with healthcare issues. Blockchain would also power healthcare to solve healthcare related issues such as access, utilization, and healthcare financing. For example, with the adoption of electronic health records as required by the health information technology for economic and clinical health blockchain would help in sharing data between healthcare providers is mandatory. Whether the information is shared between healthcare institutions or between practitioners. Clinical trials data can be shared and analyzed in real times. The data on the movement of drugs can also be traced on blockchain thereby reducing costs and time spent to bring a new drug to the market. The hospitals can also track all the state level financial services and healthcare financing one platform thereby improving transparency and preventing corruption.

Blockchain in Education, Lack of Literacy and Numeracy

One of the advancements in education is the use of technology to deliver course contents. The massive open online course (MOOC), continuing professional development (CPD) and Shareable Content Object Reference Model ( a Learning Management Systems ) has helped many people access education, and literary. The emerging economies are faced with the inadequacy of teachers to deliver content and even if there were teachers, the infrastructures make it difficult for the teacher and students to attend the class. However, with the blockchain and driven by the MOOC platform, it would be easy to deliver course contents to the students. The teachers could develop course content that is delivered to the student ad backed by the bock chain technology. Once the students have covered the course contents, they are examined and certified and the blockchain be used to secure their certification. MOOC is founded on decentralized education and widening access to education and blockchain can power such initiatives. By delivering education to the people living in a remote area in emerging economies, the level of literacy and education can be improved thereby eliminating poverty in the end.

References

Amankwah-Amoah, J. (2016). Emerging economies, emerging challenges: Mobilising and capturing value from big data. Technological Forecasting and Social Change, 110, 167-174. doi: 10.1016/j.techfore.2015.10.022

Anderson, A., & Ronteau, S. (2017). Towards an entrepreneurial theory of practice; emerging ideas for emerging economies. Journal Of Entrepreneurship In Emerging Economies, 9(2), 110-120. doi: 10.1108/jeee-12-2016-0054

International Finance Corporation. (2018). Blockchain in Development - Part II: How It Can Impact Emerging Markets. Fresh Ideas on Private Sector Development Annual Report: International Finance Corporation.

Paricheva, G. (2018). Blockchain use in social and economic development in Africa - Atos. Retrieved from https://atos.net/en/blog/blockchain-use-social-economic-development-Africa

Wharton University. (2018). How the Blockchain Brings Social Benefits to Emerging Economies - Knowledge@Wharton. Retrieved from http://knowledge.wharton.upenn.edu/article/blockchain-brings-social-benefits-emerging-economies/