How Can Blockchain Solve The Problem Of Global Poverty?

The global wealth distribution is assumed to be highly unbalanced. It has been revealed that the richest 26 individuals in the world possess as much wealth as the poorest half of the global population.

 Without any drastic change, the situation will get even worse as a lot of people are expected to lose their jobs to machines and computer programs within the next 10 years. As it stands, much hope lies in the promises of blockchain and the value that it could offer to this disadvantaged population of the world. 

Blockchain Benefits One of the benefits of blockchain is the ability of individuals to own and control how their data can be used while earning rewards in the process. This is a property that is being explored by platforms that are focused on revolutionising the digital advertising industry. 

Companies like Google and Facebook are known to generate a lot of revenue by selling user’s data, mainly for advertising purposes. This is a huge source of revenue upon which these companies have grown. However, the users who are the actual owners of the data that is being shared do not get paid for what can be regarded as their own personal property. With the value that blockchain offers, and the many platforms that are emerging who offer users the opportunity to control their own data and make money in the process, a lot of things are expected to change. 

While the existing wealth distribution system threatens the wellbeing of the under-privileged as mentioned above, the ability of blockchain technology to prevent this impending downturn is worth some reasonable consideration. How Much Does Personal Data Cost? The key question in this situation remains if the opportunities provided by blockchain can neutralize the impending job losses and system collapse as mentioned above. With the advancement in automation and the threats that machines pose to job opportunities, the Universal Basic Income (UBI) of the greater population of the world is threatened. For blockchain to be able to intervene effectively in this situation, the level of adoption must be scaled significantly from what it is today. 

The extent of propagation by blockchain would even be expected to exceed what it obtainable with the existing traditional platforms like Google, Facebook and Twitter. For instance, figures from Facebook show that on average, only about $27 is generated from each user in a whole quarter of a year.

 This figure does not represent an income that users can live on, assuming that is what they earn for themselves. Hence, for a technology that is still trying to find its footing, more work needs to be done. However, the good news it that more adaptable gateways are emerging everyday that are making it easier for users to get into the blockchain ecosystem, thereby improving the awareness level and adoption of the technology as well. Vertex.Market makes available the opportunity for both established and emerging blockchain projects to find their way into the hands of users. 

By providing a much needed liquidity, even for tokens that are yet to be listed, the company makes it easy for users to purchase tokens on their OTC platform in a secondary market. Blockchain is touted to contribute towards solving the problem of global poverty.

 This is possible only when the solutions being built upon the technology become vibrantly adopted in the mainstream. 

Tokens in the hands of users is the first step towards achieving this goal, and platforms that make this possible stand as strategic gateways to providing lasting solutions.

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