Influence of blockchain on the world economy
The implementation of the blockchain technology can transform the world economy. At the moment, the financial world system is centralized and managed by the participants, who have the most power. The implementation of the blockchain will create an economy of joint participation. Consequently, it will exclude intermediaries between market participants.
In the financial and banking spheres it will accelerate and automate processes. Furthermore, the use of "smart contacts" will allow limiting or completely excluding regulatory bodies. The use of fast, efficient digital money that does not bear the cost of processing cash and can be tracked will improve the financial system and reduce the level of corruption. In the future, the use of blockchain will facilitate the banking and interbank transfers.
In addition, digital money can be introduced to make transactions in everyday life for ordinary citizens. Already, there are digital wallets, ATMs, credit and payment systems on the basis of the blockchain. For example, to pay for advertising on the Internet, a limited set of payment methods is used (most often bank transfers). Using blockchain and cryptocurrency will allow each user to easily pay for advertisements so that they can develop their business (a similar solution is offered by the Dan Service project (https://dan-service.com/)). Optimization of advertising will allow the business to increase efficiency and conversion.
The implementation of blockchain in developing countries will bring them to a qualitatively new leap in development. For example, some small countries do not have fixed phones or addresses, but most of them have smartphones and the ability to create wallets with crypto-currencies. Cryptocurrency will provide them with an opportunity to pay for basic needs, such as utilities, rentals, and meals.
Besides, blockchain will increase the transparency of various charitable organizations that fall under corruption or government manipulation. Enhancing the level of trust will increase the money flow to those parts of the world that need financial assistance. Blockchain technology and the digital currency will reduce risk and fraud and give them final control over the implementation of monetary policy and taxation. Therefore, the introduction of this system will allow building a financial system based on trust.
The government of developed countries also plans to implement blockchain. For example, the UK plans to use it to reduce corruption and fraud, as well as improve the efficiency of government agencies. Experimental developments are conducted in the area of welfare distribution, namely pensions and wages. It will allow Great Britain to track and record all citizens' payments. Also, one of the areas of blockchain’s possible application should be an automated customs service. Consequently, it is planned to reduce the waiting time at customs points when arriving at the airports etc.