Web 3.0 as a decentralized blockchain plays an important role in poverty alleviation in regards to developing countries as it provides access to financial services enhancing economic opportunities via decentralized applications. Blockchain technology aids in the distribution and creation of new ways for individuals to earn income with assets and tokenized works
With Web 3.0, varieties of economic opportunities are offered, opportunities like Defi which facilitates lending, borrowing and interest earning without the availability of middlemen. Tokenization which makes for ownership of assets inclusive of real estates, intellectual properties, arts among others. Decentralized marketplaces too which enhances peer to peer trade, buying and selling of goods and services
Research has it that the many developing countries keep growing due to the role played by web 3.0. On a scale of preference, it appears to be rated 78%, this is really a proof that Web3.0 is out to curb poverty
Among the very few we've outlined so far, how about we surf this article together to find out the major means by which blockchain could alleviate poverty in developing countries
Decentralized finance
Defi platforms are known for borrowing, lending, trading and many other activities via smart contracts. With this, financial services are accessed globally by users as interests could be earned on assets and loans could be obtained without Intermediaries
Tokenization
Real world assets like arts, intellectual property and other commodities are represented as digital tokens on the platform. When this happens, ownership of assets are guaranteed thus paving way for Investments by users, investors
and outsiders
Decentralized marketplaces
Have you ever thought of marketing, selling your goods and rendering fantastic services as would be done in a literal market? That's what decentralized marketplaces does, users are opportuned to trade(buy/sell) what they could offer on a digital market
space. This means that trustworthy businesses could be done on space without the buyers and sellers coming in close physical contact or seeking the aid of promoters, agents and other intermediaries to advertise their products. Hence, full global audience could be attained with online marketing in view and of course direct transactions could be carried out.
dAPPS
Decentralized applications could be created on blockchain by developers showcasing new goods and services to the public. These dAPPS have their own tokens which could be accumulated by users and developers who participate in their ecosystems.
Reliable identity management systems
With Web 3.0, self identity management is well reliable, secured and safe giving room for individuals to have complete control over their details and personal data and deciding who could access such data and how these details could be shared amongst trusted parties of need be. This can lead to financial services and Job opportunities made more accessible and convenient.
Micropayments
Micropayments and earnings are facilitated by Web 3 as digital contents like videos, music and content creation are money oriented, thus reducing reliance on ads revenue
Web 3.0 oriented freelancing platforms
With Web 3.0 blockchain, freelancers are opportuned to connect directly with clients at ease thus minimizing fees and maximizing income potentials, freelancers who are capable to handle different tasks have a wide variety of jobs available even if it's monotonous
Monetization of data
Individuals are bestowed with the freedom to have complete control of their data of which they could decide to trade or share with other businesses in exchange for tokens hence ensuring a more beneficial data economy
So far we've analyzed the various aspects through which blockchain technology could alleviate poverty to it's barest minimum, let's now see how Web 3.0 is reliable with the prospect of eradicating poverty
- With web 3.0 dAPPS create income opportunity through micro tasks and digital work for people in poverty affected areas to earn income on blockchain
- Products from locals attain global audience due to the connection that digital marketplaces offers them this aiding in the rapid sales of goods and obtaining very fair prices for such goods
- Through transparency that comes with blockchain technology, corruption is greatly decreased as all all records are duly kept and preserved.
- Millions around the globe are either full time or part-time workers on web 3.0 blockchain of which hive is not an exception, a typical example is me earning from content creation, therefore we're offered job opportunities to help curb poverty
Many who were not opportuned to acquire skills have done so with the help of Web 3.0, educational courses, skill development opportunities and individuals empowerment through joined community efforts
Due to the fact that blockchain is transparent, trustworthy, accurate and factual when it comes to news and happenings around us. Disaster relief and aid distribution are made available for victims of natural disasters or unexpected occurrences around them thus rendering help to the poor
Conclusion
With web 3.0, we can boldly say that this mission of poverty alleviation will meet it's success. Of course, we've seen how blockchain is massively doing this already, while events keep unfolding and blockchain keep undergoing modernization, it is pertinent that we grab all available opportunities offered by Web 3.0 to help curb poverty. How about those who are yet to find out this good fortune still wallowing in poverty? Let's publicise hive and tell them that there's more to it than just poverty eradication