Developmental aid, natural resources, and hardworking, industrious citizens may mean little if a developing nation doesn’t have viable banking and money transfer options that are safe, dependable, and available to all. Bitcoin, a form of decentralized digital currency, may offer one possible solution to the seemingly insurmountable problem faced by many developing economies.
Bitcoin relies on a shared public ledger known as the blockchain, allowing for a safe, reliable way of recording and verifying transactions. In developing countries rife with long histories of unstable monetary and banking systems, and where the value of currency can be volatile and unpredictable, the blockchain can be a user-friendly way to support a far more stable system of commerce based on commodities that are valuable and real to local communities.
The more things change the more they stay the same is an old adage. Well, it was true then, and it’s still true now. In the world before money, especially paper money, people traded with and put their confidence in the value of a commodity. An ox was worth a certain number of sheep, a camel was worth a certain number of goats. People knew that, and given that assurance, they were willing to make trades, and because of the financial stability that it brought, both commerce and society prospered.
The blockchain can be used to once again support a stable economic system based on products and services that are known and valued by the local community.
Though we think of the world as being well-connected and technologically sophisticated, this is only true for part of the world. There are many areas where even basic needs are not met. One such need is access to clean water.
Enter the blockchain, with the ability to support a home-grown trading economy that can use water tokens to buy and sell clean water. The value of water tokens will be set by local demand and local market forces – not governments or outside companies. In addition, by monetizing water, the token exchange platform not only allows, but encourages local people to create their own innovative commercial ventures as water suppliers.
CoreTech Foundation has developed a mobile platform and financial ecosystem where people can easily trade water tokens for clean drinking water. The system is specifically designed for each individual country, community, or local economy where a water exchange platform is needed.