Blockchain Helps Financial Advancements Of Refugees

The world is ready for Blockchain, and as interest in the technology grows, so will its applications. Did you know that there are over a billion people who have no idea who they are? It means they don’t have any legal proof of their place of birth. Vulnerable people not only have a difficult time proving their identity, but their chances of getting an authorised identity blemish as time passes. This makes it impossible for them to earn a living or find a place to live. Refugees, trafficked children, the homeless, and others are among those that fall into this group.

Although blockchain remains the underlying technology for cryptocurrencies, its applications are rapidly expanding. Many Blockchain developers are working to build a solution that would be beneficial to refugees dealing with identity issues.

Individuals may create a record over time and use it as a type of identification across borders using Blockchain technology applications. The next question that arises is, “What is happening in the real world?” In this blog, we will be highlighting the same.

The blockchain is assisting the vulnerable:

These studies are currently taking place on a smaller scale, but their effect is important. The Finnish Immigration Service provides a prepaid Mastercard that was created by Moni, a Helsinki-based startup. It connects it to a digital identity, which is made up of financial transaction records and stored on a distributed ledger technology (DLT or Blockchain).

Another example is Moldova, where the government is collaborating with digital identification experts from the United Nations Office for Project Services (UNOPS) to examine the methods they want to use for the digital identity of rural children, making it more difficult for smugglers to smuggle children.

What is the purpose of the blockchain?

You may be wondering why Blockchain is attracting so much attention; the truth is that Blockchain provides total safety and protection. Refugees fleeing war would like to keep their identities hidden, and Blockchain will help them do so. Building Block is a Blockchain-based technology developed by the United Nations World Food Programme (WFP) with the aim of using Blockchain to make people’s lives easier.

Blockchain ensures full data security; additionally, data is distributed across the network, making it simple to access data and preventing hackers from attacking and altering it. As a result of all of this, Blockchain is a valuable tool.

What comes next?

All of this is the product of the tireless efforts of Blockchain developers who are at the heart of such progress. We will see an increase in the market for Blockchain developers in the future. Blockchain seems to be a promising alternative to the issues that plague our current system. You can expect the system to become much more stable with the right assistance and support, and if you want to be an expert in doing so, now is the time to enrol in the Blockchain Council’s certification programme.

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