7 Benefits of the Blockchain for the Development of International

The Blockchain is a single technology that can have an impact on the sector of international development as we understand it now. We have previously written an article how the potential of the blockchain in transforming development. In this article, we will review some of the benefits of the blockchain to the development of the international world.

The World Economic Forum has called the blockchain as a “mega trend” and leader of the innovation Department for International Development of the United Kingdom. Tamara Giltsoff Head of Innovation at the Department for International Development (DFID) the United Kingdom, called the blockchain as a game-changer technology the next.

Now the State Department of the United States would like to explore the application of this technology to the work of development and international diplomacy.

The table of the explain the benefits of the blockchain all at once a comparison with the traditional way during this portion we still use.

7 Benefits of the Blockchain to the Development of the World International

Blockchain in the next few years can be expected to be implemented in emerging markets such as Indonesia and other countries.

The potential benefits of the blockchain are very large, but where we can found examples of successful application of the blockchain which is actually?

Through research, conference, meeting, and meeting, some practitioners have tried to identify where and usability of the application use of the blockchain which is suitable to be applied or tested in developing countries.

These trials focused on the applications which can be beneficial for the poor. Today many are developing and will soon launch a List of Impacts, to provide a place of storage of pre-qualification, the case of the original use for developing countries.

Here are some examples of the benefits of the blockchain that is used in some sectors.

1. Disintermediation

Two parties can exchange without supervision or intermediation of a third party, greatly reduce or even eliminate the risk of the counterparty (the third party or the participant, either a bank or customer, with whom the financial transaction is made, or parties that conduct financial transactions).

2. Users are given the power

Its users hold the control over all of the information and their transactions.

3. The Data are of high quality

The Data of Blockchain in a complete, consistent, timely, accurate, and widely available.

4. Durability, reliability, and long lifespan

Because of the network decentralization, blockchain has no central point of failure and more able to withstand any malicious attack.

5. Process integrity

The user can trust that the transaction will be implemented exactly the same as the command protocol and eliminates the need for a third party.

6. Transparent and immutabilitas

Changes on the blockchains public can be viewed openly by all parties that create transparency, and all of the transactions that can not be changed, which means they cannot be changed or deleted.

7. Easy ecosystem

With all the transactions added to the Ledger of the general single public ledger, reduce the clutter and complication of some great books/ledger.