The Rise Of Blockchain: Empowering Developing Nations

Technological advancement is a vital indicator of a nation’s development and economic competence. But what sets breakthrough technology apart is how it can profoundly affect our lives. Such was the potential of the Blockchain technology, that experts believe it would make the most impact in emerging economies.

What is Blockchain, and how is it a breakthrough technology? Its foremost characteristic is its decentralized structure, which means that it does not operate on a central hub which has the sole authority to store and control information accessible within a network. Instead, Blockchain’s design allows it to distribute information directly across all members of a network. Second, any data recorded in a blockchain is encrypted and can no longer be altered or deleted. This means that any transaction made in a blockchain platform will remain intact and can only be accessed by a user using one private key. Last but not the least, blockchain can establish "smart contracts" when certain conditions are met, such as transferring units of value from one user to another by entering the correct keys, just as parties agree to a contract. With these features, the possibilities for blockchain's integration are endless, especially in low to middle-income economies where most of the population still have no access to formal financial services but are avid consumers of the latest gadgets and tech services the market has to offer.

Pearl Pay goes beyond money remittance, offering a whole ecosystem of world-class financial products and services for all. Harnessing the power of technology, we can provide a better way of doing things to empower and greatly improve the lives of those in developing nations.

To read the full article and other news about blockchain and Pearl Pay, visit our website at news.pearlpay.io.