Have you seen this Foreign Policy op-ed?

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AdamMarks78
Posts: 18
Joined: Fri Jun 25, 2021 1:42 pm

Mark Goldberg recently put out an op-ed in Foreign Policy about the potential for using blockchain technology to combat poverty around the world. You can read it here: https://foreignpolicy.com/2021/06/22/bl ... t-poverty/

If you don't have time to read it, he basically lays out some of the benefits of decentralized finance (DeFi), including its ability to make sending remittances faster and cheaper, the way it can allow anyone to offer loans to people in parts of the world where most loans are usurious, and its ability to offer a financial identity to people without access to financial institutions. He even briefly touches on the possibility of providing a basic income to people living in extreme poverty.

It's really encouraging to see these ideas being shared in a mainstream publication like Foreign Policy. So much of the press around blockchain and cryptocurrency is negative. Do you think Goldberg's ideas have merit? Do you see any areas where he may be missing something?
JohnBW1973
Posts: 20
Joined: Fri Jul 09, 2021 5:38 pm

I've seen similar articles over the past year or so. This one from the Emerging Tech Brew caught my eye because of the case study mentioned. An immigrant from Mexico was charged $10 for every $200 sent through traditional services like Western Union. Bitso, a Mexican crypto company, only charged $1 for every $2,000. As the article says, "Deloitte estimates blockchain can reduce cross-border transaction costs by 40%–80%." This could be huge for everyone involved - except the traditional money transfer services. As you said, I don't see many barriers or problems. As the potential becomes apparent, we'll see an increase in the number of businesses offering these services. Competition between them will only drive prices further down and lead to more opportunities for those sending and receiving remittances.
ShaneS2468
Posts: 9
Joined: Sat Aug 28, 2021 4:02 pm

Those are great starting points. Fortunately, there are already dozens of fantastic organizations putting those ideas into practice. The Borgen Project has a list of the top 7 blockchain projects that are dedicated to fighting poverty. The list includes some really interesting projects that span the gamut when it comes to how they're addressing these problems. For example, Diwala offers refugees and other displaced people the ability to create a digital resume that's verifiable. Goodr gives Western countries the ability to redirect surplus food supplies to people who need it (rather than to the garbage). And SOLShare makes "local, independent electricity grids" possible.

If you're looking for ways that blockchain can help end poverty. This list is a great place to start.
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