Global Inequality is increasing from last few decades in unprecedent terms. Though a lot of countries has decreased the percentage of poor in the countries like India. The wealthiest have amassed unprecedent level of fortunes.The African countries are still very poor compared to rest of the world.
The capitalists are needed for growth and innovation but without right balance it will lead us to dooms day. So how can we balance both growth ,innovation and equality in our society.
Blockchain gives us tools which can be used effectively to reduce the inequality and increase the efficiency of economy. So let’s talk about global inequality reduction using blockchain technology.
UBI (Universal Basic Income)
With blockchain technology it’s very easy to distribute basic income to whole population through smart contracts and single click with having tamper proof data and corruption proof process. Right now the process to give cash or incentives or food and supply done by government agencies is very complex with a lot of intermendiaries and lot of documentation which is not tamper proof.
Online Voting and Governance
Blockchain can help in creating online transparent voting possible and also making online governance possible.
People can vote for different schemes , people can apply to different government run schemes transparently.
As blockchain is immutable, it can be used for maintaining a transparent treasury which can transparently transfer funds to different departments and individuals with keeping tab on what is funds being used for. With help of smartcontracts the funds can be programmed to flow in a pre determined manner , for e.g automated salaries , reversal of funds to treasury if not used.
These transparent treasuries can be used for organisations working for social welfare improving trust as it’s being said many charitable and NGO organisations misappropriate there funds due to corruption.
Blockchain can help in keeping patients record and matching it with government schemes and benefits at the time of medical service with a fingertip.
Blockchain has made easy to get capital and you don’t need to be accredited investor for investing in great startups. Which brings equality to investors and also to startup founders.
Cryptocurrency helps in transfer of value in internet in real time globally which helps developed countries to transfer value for getting work done to developing nations in real time and also for social and humanitarian aid.
There are already lots of crypto based platforms which are providing remote work. Gitcoin is one of the right one to mention here.
Blockchain will help in reducing the inequality in world and even eradicating it totally in ideal scenarios. Economist , engineers and Scientists are hopeful of blockchain technology for the social and economic changes it can bring.
It’s very early days of blockchain technology. It will take another decade to mature and 30-40 years to show it’s fruitful results on society and world.
True perfect world and society may not be possible but we can reduce global inequality considerably using blockchain technology.