LAC Fights Back Poverty with Blockchain Technology – BORGEN – Borgen Project

LAC Fights Back Poverty with Blockchain Technology – BORGEN – Borgen Project

TACOMA, Washington — Although Latin America and the Caribbean (LAC) are leading emerging nations in start-ups and women-owned businesses, these countries are still struggling to end poverty. People in impoverished regions are victims of fraud, corruption and legislative efforts to secure land titles for farmers who were illegally stripped of their land are finding success, but efforts are still ongoing. Global technology solutions have helped Latin America and the Caribbean fight back poverty with Blockchain Technology.

Blockchain Technology was developed more than 10 years ago and is “the transparent, trustless, publicly accessible ledger that allows people to securely transfer the ownership of units of value using public-key encryption and proof of work methods.”

Corruption and Fraud

The effects of exploitation have a monumental impact on communities struggling with poverty. This unfair treatment makes it almost impossible to have access to services that they need for daily survival such as just treatment, education and health services. Corruption also negatively affects the economy as it limits the country’s ability for growth and self-sustainability. Transparency International Survey found that more than 55% of LAC’s population are not satisfied with the government’s handling of corruption and more than 55 million of the people who used a public service in a 12-month period were blackmailed.

Blockchain Technology will address dishonest methods because the technology detects corruption as it is decentralized and financial transactions that are input into a system