Ever since its beginning into the financial world, the blockchain has been hailed as a radical creation that is bound to change the ways of the fund and govern them later on. There are a number of stumbling blocks in the way, but 2019 seems to be the year at which the blockchain and cryptocurrencies eventually take the grip that they were supposed to.
The tide is changing because of an increased interest in the possibilities the blockchain provides. Over just the concept of cryptocurrencies, researchers and investors are currently exploring the ideas of decentralized identity (DID) and fiscal monitoring via the blockchain. The blockchain and its usage aren’t limited to just the wise entrepreneur these days.
Major economic players like the UAE and Saudi Arabia have begun to invest in their very own cryptocurrencies. On the Western side, the European Union (EU) has begun to grow the funds they allow for the study to the applications of the blockchain, while China has taken a big step and begun exploring its own opportunities.
However, the most exciting news perhaps comes from countries that are not so developed as these economic powerhouses.
The Utilization of the Blockchain in Underdeveloped Countries
Pakistan recently announced a partnership with Malaysia that will use the blockchain to receive remittances from Pakistanis living in Malaysia. Using AliPay, the Alibaba blockchain service, Pakistan aims to maximize remittances and make the process more agreeable and faster for its citizens who are transferring money back from Malaysia.
Its places like these that exemplify just how much the blockchain can do and the possibilities that it provides to people, companies, and savings which are otherwise bogged down from the taxation of classic transfers and the time they generally take.
Thanks to the more focus going towards creating the blockchain a safer location for business and linking it with decentralization, the possibilities for individuals and groups to explore financial chances have increased manifold. In the world of cryptocurrency that has been bogged down by fears of volatility, the higher interest is leading to many desirable changes.
One such change has been the introduction of community-based cryptocurrencies and their liberty from the volatility that cryptocurrencies normally experience. One cryptocurrency called Liracoin uses the concept of private security to make the community function on the potency and return of the investment while providing them a secure opportunity to profit with their coins. Other comparable cryptocurrencies are quickly demanding attention and they can very well shape the future for many who were hesitant to use the blockchain before.