How India can Change Forever Using Ethereum
Ethereum has been gaining traction for the past six years and has become one of the most popular cryptocurrencies worldwide.
However, most people are unaware of the potential that Ethereum’s technology and applications hold, which are powerful enough to bring about a revolution as significant as the Internet.
Ethereum’s blockchain technology can give rise to the next generation of super entrepreneurs. This blog post will focus on the application of Ethereum in refugee settlement, particularly in Finland, and how India can change forever using Ethereum.
The Refugee Crisis and the Need for Change
The refugee crisis has been a global issue for years, with millions of refugees from war-stricken countries like Syria and Venezuela, seeking asylum in different parts of the world.
In 2020, the world refugee population stood at 82.4 million individuals who got forcibly displaced worldwide as a result of persecution, conflict, or human rights violation. Less than 5% of the population will receive asylum this year, and most of them will have to wait weeks or even months to get their proof of identity processed.
The government provides special provisions to help refugees survive in the country, but most people do not receive their documents at all. In some cases, refugees try to forge their identity and misuse the government’s provisions, leading to the denial of loans. These issues make it almost impossible for refugees to thrive in a new country.
The Finnish Solution
Finland has managed to handle the global issue of refugee settlement using an innovative application of blockchain called smart contracts.
Smart contracts are self-executing contracts that have discreet terms of the agreement between two parties, which are directly written into lines of code. These contracts render transactions that are traceable, transparent, and irreversible.
The Finnish Immigration Service partnered with a local startup called Moni, which came up with the idea of a prepaid Mastercard designed for asylum seekers who do not have a bank account. This card is linked to the unique digital identity stored on a blockchain, which is also in sync with the Finnish Immigration Services.
The Benefits of Smart Contracts
This system is far better than most traditional banks, where accounts are not just accessible by smartphones but also have an amazing feature to receive special government benefits and salary disbursements.
By bringing all refugees officially into the banking system, Moni Services has enabled asylum seekers to not just have an identity but also to start contributing to the economy as soon as possible.
This system is incredibly sophisticated, with smart contracts that can automatically update and revoke subsidies based on income levels. This helps refugees use government subsidies wisely, which can only be used for specific essential commodities.
How India Can Change Forever Using Ethereum
India has the second-largest population in the world and is home to 1.3 billion people, with a large portion of the population living in poverty.
Ethereum’s smart contract technology can be used to solve India’s most pressing issues, such as reducing poverty levels, providing transparency in government subsidies, and revolutionizing the financial system.
Blockchain technology can create a decentralized, transparent platform where people can access government subsidies without corruption or interference. Smart contracts can also help India’s farmers by providing fair pricing for their crops.
Ethereum’s blockchain technology is powerful enough to bring about a revolution in the world. The refugee crisis is just one example of how smart contracts can help solve global issues, and Finland’s implementation is a shining example of how blockchain technology can be used to make a difference.
India, with its massive population and pressing issues, can greatly benefit from the use of smart contracts, which can bring about positive change and revolutionize the country’s economy. Ethereum and its applications hold immense potential, and it is time we recognize and embrace it.