BLOCKCHAIN TECHNOLOGY-A GIANT AMID RECESSION
Countries around the world are facing the worst economy in our time. Even an Encyclopædia Britannica Online agreed that recession has hit the world recently. This recession started hitting countries with a large economy in 2007. It has been so severe and has affected so many countries that it has been given a unique name, the Great Recession.
What was responsible for it? A magazine says it's an unbalanced attitude. But why the frenzy to shop on credit, to buy things for which people are unable to pay?
You will likely agree that almost everybody wants what is trendy and sadly this world’s economic system promotes greed. The message it sends in effect is: “Buy! Buy! Buy!” whether you can pay for it or not. Recently this was rebranded “Easy Buy.” A lot of people have learnt the hard way, the dangers of too much borrowing. This pitfall does not only affect individuals. Many countries borrow and spend the money on liabilities rather on assets. As a result many countries were sent reeling from the blow of the Great Recession.
No matter how hard the economy seems to recover, some families still struggle to put food on the table. Some work tirelessly even with side hustles, still have bills to pay piling up even up to 3 months. Some have even lost the only job that put food on their table.
Job losses have numbered into the tens of millions in recent years. Yet many soothe sayers would advice you not to pay back debts since it has an unfair advantage.”If you are a victim of Recession, no doubt you can agree to what author David Beart wrote. He said that there are a lot of ideas on how to salvage a teaming population financial problems. And little information offered about it has done little or no good.
How You Can Save
First, before buying an expensive item, consider whether you really need it.
Second, if you need something, search for new items that are on sale or go for good used items. For instance a couple needed a carriage for their baby. They bought a new one and when the baby has outgrown it, they had to resale it at a good price. Though it might seem expensive initially but it worth the effort and time to search and get it.
Third, my mentor would always say “Avoid impulse buying” try to think about it over and over again don’t be impulsive; sleep on the matter. If you still feel that the item is vital, you may consider looking for something similar in a discount or secondhand shop. Though this may not look practical. Also, you can often save money if you do not feel compelled to buy popular name brands because shop owners hype this brands and make a lot of profits. Further, rather than buy the latest brand new products and of children’s clothes at luxurious stores, why not use hand-me-downs.
Fourth, consider that it usually costs less to buy ingredients and cook meals than it does to eat out. If you have school-age children, why not teach them to prepare simple meals instead of giving them money to buy more expensive food? And rather than buying expensive beverages, drink water instead. It is much healthier.
THE ROLE OF BLOCKCHAIN
Experts and analysts has said that the economic crisis that has rocked the world between 2007 and 2008 would have been avoided if the world had embraced a digitized currency and adopted it. This is because every asset's value and ownership is securely recorded in a shared ledger that is completely transparent and indisputable. There will be no need for a centralized organization (central bank) to go to individual banks in order to review their operations and records. Because everyone can see record of transactions, regulators can monitor how cash flows as transactions are made. This would curb the corrupt practices that allowed institutions to hide their balance sheet and give the public access to carefully doctored figures. It's time to embrace blockchain technology.
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Picture gotten from pixabay
