Ever wondered what it would be like to exist in a paperless ecosystem? How would our lives change? What are the other means through which we could continue to thrive?
Well, if ever an era of paperless money dawned, we need not panic. Thanks to the advancements in blockchain and cryptocurrency fields. Like now, they would continue to improve the quality of life of many people. Cryptocurrency and blockchain technology would usher in a variety of benefits still unimaginable by us.
Blockchain-based technology has already introduced a myriad of cryptocurrencies that are appropriately equipped to be able to fill the void left by paper currency. One of the first changes brought in by a paperless ecosystem would be the disappearance of the bulky physical wallet. The physical wallet would no longer be required as we would be able to carry out all our transactions through our smartphones. However, the real change would occur only after paper currency has disappeared totally.
An era of social transformation :
With cryptocurrency and its underlying blockchain technology, cross-border money transfers and transactions can be carried out using the peer-to-peer network without any limitations/restrictions. As a result, newer ways to use digital cash are seen to be evolving.
Education funding would become easier and more economical as the cost of remittances over long distances would fall. Students would be able to keep their degrees and diplomas safely in an electronic format which would be verifiable. For instance, a student in Nicaragua would now be able to get his scholarship directly in his cryptocurrency wallet.
People would also begin to notice an improvement in civic services. Services like obtaining licenses, certificates, and permissions from local, state and federal government bodies would become faster, simpler, and more convenient through blockchain-based wallets.
Investors would enjoy a renewed trust in the banking and non-banking financial sector. The fact that most cryptocurrencies would not be subject to fiscal indiscipline by central banks would reinforce faith in the economic system and things like hyperinflation and bank runs would only be present in history books.
Moreover, as cryptocurrencies attain universal acceptance and get paired up with technologies like the Internet of Things (IoT), a smart energy efficient air-conditioner would be able to transfer the savings it made directly to a mutual fund or a bank account.
We have often seen governments announcing and distributing funds or goods for the underprivileged. Sadly, very often these benefits fail to reach the deserving ones. However, Blockchain technology which imbibes a very transparent ecosystem can be used to track such funds or goods transfers. Refugees, homeless, and the less privileged can get benefits either in cash or kind. They would be able to receive their dues in digital currencies directly, and better tracking facilities can be enabled to see what services have been rendered to them. Therefore, blockchain technology would help in eliminating defalcation to a great extent. It would also assure proper deployment of government subsidies.
BlockShow Americas 2018 was adorned with distinguished speakers and eminent industry pundits. Among them, Alex Mashinsky, Founder of Celsius Network shared his knowledge and ideas about the utility of cryptocurrencies and how they can, among others, help the underprivileged. Alex’s Celsius Network is already working on a wallet that will help provide financial services to the underbanked.
Cash, as we know, is completely untraceable and therefore, vulnerable to fraud and corruption. According to the World Economic Forum (WEF), one of the greatest impediments to fighting corruption is cash. WEF cites,
“Every year, hundreds of billions of dollars of government payments and transfers are made in physical cash. These include government salaries, health payments, pensions and financial support for families in need. Such payments are often difficult to trace, insecure and inefficient. The anonymity of cash makes it vulnerable to skimming off the top, and to “ghost” recipients who don’t exist. This is not a minor issue. It causes more than $110 billion in losses every year in emerging economies.”
BlockShow Asia 2018 :
The advent of cryptocurrency and its associated blockchain technology has already paved the way towards a paperless economy. The Blockchain is, in fact getting mature.
The BlockShow Asia 2018, scheduled to be held from November 21⎯December 1 in Singapore, would be an excellent opportunity to address problems and discuss solutions that can be deployed to create a better world in the future, with or without paper currency.
This mega event would be a melting pot for investors, entrepreneurs, startups, developers, executives, and experts to share and learn about the Blockchain boom and how it is transforming the world. BlockShow Asia 2018 at the Asia Blockchain Week is your chance to contribute to the maturity of Blockchain in its critical evolutionary phase.
So, what are you waiting for? Come on board!
The tickets for the event are already available on the BlockShow Asia website.
Grab them now!