Joe Lubin Explains — “Who Can Benefit From Blockchain Technology?”

Find out how both developed and developing nations can reap the benefits of blockchain technology.

In this series, Joseph Lubin — Co-Founder of Ethereum and Founder of ConsenSys — discusses key concepts in blockchain technology.

In the sixth installment of this series, Joe examines how cryptocurrencies can help people in both developed and developing countries. He explains that while developed nations have better payments systems, many people are still unbanked or choose to opt out of the financial system because of fees and process inefficiencies.

Shifting to the topic of emerging nations, Joe affirms, “In developing countries, blockchain is providing trust and shared infrastructure where it wasn’t possible before.”

He continues to describe how individuals in developing nations can benefit from cryptocurrencies because of greater commerce, protection from currency volatility, and increased economic efficiencies. On the topic of cryptocurrency volatility, Lubin states, “It’s much more palatable to have a lot of volatility on the way up than on the way to down to hyperinflation.”

Finally, Joe provides insights into Project i2i, a partnership with Union Bank and ConsenSys. Project i2i enabled the connection of island and rural banks onto a blockchain network which rendered faster transactions and created a healthier economic system.

Tune in next week for a deeper dive into the world of decentralization, and find out the importance of diversity when building new technology!

Check out parts 1–5 of Blockchain Explained by Joe Lubin.

Disclaimer: The views expressed by the author above do not necessarily represent the views of Consensys AG. ConsenSys is a decentralized community with ConsenSys Media being a platform for members to freely express their diverse ideas and perspectives. To learn more about ConsenSys and Ethereum, please visit our website.

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