It is true, decentralized blockchain technology has opened the door to greatly shift our world economy. With an immutable ledger, ease of transfer and fungibility comes a vast array of new innovations and technology. I would argue though that very few innovations can hold a candle to a breakthrough right on the horizon. Financial inclusion. As a sidenote, this is not financial advice but instead opinions of someone very passionate about economics.
The short version of financial inclusion is to allow availability for financial products/vehicles to “include” all humans. This, which might seem like an afterthought in first world countries is a very pressing issue in less developed countries. Less developed countries tend to also have to deal with their national currency being susceptible to extreme inflation and destabilization. This inclusion is of supreme importance for the velocity of their economic growth without the fear of massive inflation (In some, not all blockchains).
Some food for thought:
I was speaking with someone who was recently in Botswana and South Africa for a few weeks. After chatting with her, there is a VAST difference with available banking in big cities compared to rural areas. The infrastructure just is not there and because of that I believe it hampers growth to a high degree. This of course is not just specific to one region, there are countries worldwide with similar problems. Blockchain technology has the ability to remedy this situation. With only an internet connection, every human would essentially have the ability to be their own bank. They would be able to keep their money in their possession and store it how they see fit. Everyone would also be able to trade, barter and loan cash easily. All transactions would then be put on the blockchain for future reference. This exchange and movement of capital from one party to another is an essential building block to growing an economy. Technology is now pointing to having the ability to remove the current barriers of entry of easily sending and receiving money.
It is exciting to say the least, that we are a stone’s throw away from global financial inclusion. If blockchain is the answer, then I firmly believe that global economic growth would be much easier to achieve. Depending on the crypto currency, coins can hedge against inflation, can be easily transferred and is extremely fungible. Giving people the ability to instantly send and receive money worldwide without a third party would be a breakthrough for humankind.
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