Blockchain is one technology whose validity and phenomenal benefits cannot be dismissed. Only in its decade of existence, blockchain has evolved to be an incredible technology that can greatly refine practices of human endeavors in the areas of Finance, Education, Entertainment, Fashion, and many others.
The benefits of blockchain technology have been actively expressed, especially in Finance where individuals can gain access to a myriad of financial services just with a phone and an internet connection. Be the custodians and directors of their financial undertakings, without the indulgence of middlemen and at an unprecedented speed not seen in traditional finance.
In other sectors, blockchain technology can be applied to enhance the overall mode of operations of these industries.
As an emerging technology, blockchain has created innovative opportunities for people in Developing Countries.
Opportunities which are seen in the numerous services and programs unveiled by the existence of blockchain technology.
Such opportunities include the possibility of creating wealth through trading a new and emerging asset class, a new wave of investment opportunities, exploring a novel field of services and app development, and interacting with the provisions of decentralized finance (defi) among others.
These opportunities, which are completely new and innovative concepts, have helped people in Developing Countries, without which these individuals may not have had a chance at escaping their immediate predicament.
This is particularly true with the increasing rise of unemployment, cost of living, inflation, and subsequent hardship in the lives of peoples of Developing Countries, together with their government’s anti-people policies and unchecked corruption ravaging their economies.
But amidst this dusk of hapless hopelessness, untold hardship, and a lack of confidence to predict a betterment of life in the near future, lies a new ray of hope, one brought by innovative opportunities founded upon an emerging technology, the blockchain technology.
Willing individuals who participate and utilize the offerings of this rising technology now have a chance of bettering their lives.
Among the regions where the impacts of innovative opportunities created by blockchain technology are observed the most is in Countries like Nigeria, the Philippines, Iran, Brazil, Argentina, and Turkey to mention a few.
Taking Nigeria, Africa’s most populous nation, for example, a KuCoin’s into the CryptoVerse research conducted earlier this year revealed that 35% of Nigeria’s adult population, aged 18 to 60 have invested in crypto.
This is about 33.4million of the local population of Nigeria.
Reasons given in the study for Nigerians’ expedited interest in crypto include crypto as a reliable store of value and payment, the making of higher returns on crypto in the long run, raising of capital from crypto to start own businesses and improve living conditions, crypto as an additional source of income to salaries, and a strive for financial independence.
All these are being achieved through innovative opportunities created by blockchain technology.
According to a report by Finder, about 10.6million Filipinos own crypto which is nearly 10% out of an estimated 110 total population.
What the peoples of these countries share is a desire to leverage innovative opportunities presented to them by blockchain technology, which they are using to realize financial independence.
These people, who otherwise may have felt they have no future, have seen a shimmer of hope and have greatly benefited from the many offerings of blockchain technology.
What is blockchain technology you may enquire?
Simply put, a blockchain refers to a shared, unchangeable, digital database that records transactions in a safe and timely manner, and tracks assets on its network.
Put differently, a blockchain is a combination of computers worldwide that are linked to each other on a network, on which transactions are processed and validated on the given network.
By the virtue of an environment created by a network of computers i.e a blockchain, financial services, programs, protocols, projects, and others are created which provide innovative opportunities to peoples of Developing Countries.
How Blockchain creates Innovative Opportunities for Peoples of Developing Countries
Laudable opportunities are created by blockchain technology which helps to improve the lives of peoples of Developing Countries.
As stated earlier, these opportunities include the possibility of creating wealth through trading a new and emerging asset class, a new wave of investment opportunities, exploring a novel field of services and app development, and interacting with the provisions of decentralized finance (defi) platforms, among others.
These opportunities have given peoples of Developing Countries confidence in a better future.
Let us take a detailed look into how exactly blockchain technology provides innovative opportunities for these people.
Wealth Creation Through Trading a New And Emerging Asset Class.
Crypto currencies and tokens are new and emerging asset classes which without blockchain technology, would not exist.
The rise of crypto, its market and the value they represent introduced a new method of wealth creation for peoples of Developing Countries through trading of these new and emerging asset classes.
This is made possible by the wide range of tradable crypto assets of different categories which include but are not limited to Bitcoin, Ethereum coin, Binance coin, Klever coin, Tron, and others.
Peoples of Developing Countries undertake the task of learning crypto trading, and reading charts, are able to make technical analyses, predict the market and make profitable trades on the market.
The beauty of this innovative opportunity is the fact that anyone anywhere can trade. This is unlike the traditional assets trading markets which are mostly closed for, or out of the reach of many people of Developing Countries.
Despite the current bearish market, many peoples of Developing Countries continue to accumulate and trade crypto currencies even in these down times.
Reverting to Nigeria, a highlight of this sentiment is demonstrated by Business Day Nigeria where it interviewed Nigerians who are leveraging opportunities presented by blockchain technology to better their lives.
These Nigerians, especially the youths have remained resilient in the crypto market despite the downturn.
The reason, according to them, is the undeniable fact that there are a lot of opportunities in the space which are not obtainable elsewhere.
Opportunities like the creation of wealth through the trading of crypto assets and tokens. Even in a market crash, these Nigerians take advantage of the crash to trade the market movement and make money in a bear market.
Having seen other individuals take advantage of innovative opportunities in the space and rise to fame and wealth, these youths are determined to employ the same opportunities and techniques to make something for themselves.
They understand that when the market eventually rebounds, it will be back with even bigger life-changing opportunities, and they will be here for it.
Without blockchain technology, many peoples of Developing Countries would not have accessed innovative opportunities created by the existence of crypto assets and their market to try and create wealth for themselves. They may not have been able to escape their financial dilemmas.
For many, life without blockchain technology and the crypto market cannot be imagined.
A New Wave of Investment Opportunities
Blockchain technology has created a new wave of investment opportunities that peoples of Developing Countries are taking advantage of.
Prior to the advent of blockchain technology, financial investment in the market is an act that is hardly in the mind of the average persons of Developing Countries.
This is because they are mostly concerned with getting by for the day and meeting pressing needs with the little money they may have, which goes into sorting these needs.
Coupled with this is the fact that investment in the traditional markets has stringent expectations which are often beyond the reach of the average person.
These stringent expectations could be belonging to a designated elitist group to be able to access investment opportunities, being a recognized or reputable member of society, and having huge investment capital which is vastly out of reach of the average person.
But blockchain technology is changing this. Through its provisions, numerous investment opportunities are open to peoples of Developing Countries.
This has attracted a lot of people from Developing nations who are utilizing these innovative investment opportunities to make life-changing financial moves.
These Investment opportunities include participating in early-stage funding rounds such as token sales, to enable a crypto company to raise funds and kick-start development.
To participate, interested participants are required to download a non-custodial crypto wallet like the Klever 5 wallet, have the needed funds in their wallet and follow through with the designated website where they can exchange their funds with the company’s crypto as a token for participating in their fundraising.
Peoples of Developing Countries have utilized this investment opportunity to fairly accumulate tokens of a crypto company which appreciated over time and made them life-changing returns.
This opportunity provided by blockchain technology is open to all, irrespective of their social class, race, or geographical location since crypto is borderless.
In contrast with the traditional market, only vetted and accredited members would have been allowed to participate in a company’s seed rounds.
But with crypto, people of all levels are welcome to participate in the company’s fundraising via token sales and not miss a life-changing investment opportunity.
The distinct forms of token sales are as follows:
- Initial Coin Offerings (ICO): This involves a crypto project or company selling their coins directly to investors through their website using smart contracts.
- Initial Exchange Offerings: Here, projects send their coins to a centralized exchange where they conduct the sales.
- In-app Offerings (iAP): This method of token sale uses a prebuilt blockchain protocol to conduct token sales inside a crypto wallet.
The ease and simplicity of this form of investment attracts young and less affluent peoples of Developing Countries who capitalize on this emerging digital asset class to change their lives for the better.
Other than participating in token pre-sales, peoples of Developing Countries are also able to invest in crypto assets by buying them from crypto exchanges where they are listed.
They buy and hold these crypto assets for higher returns in the long run.
To invest, investors need to download a crypto wallet or create an account with a crypto exchange.
A crypto wallet like the Klever 5 wallet has an in-app buy feature that makes it easy for investors to buy crypto coins directly inside the wallet.
Thanks to decentralization and the preservation of privacy, some exchanges do not require investors to undergo a KYC process before using their services.
Others, however, require users to perform KYC after a certain threshold has been reached.
Peoples of Developing Countries have leveraged this innovative investment opportunity to create wealth in the long run and improve their lives.
A Novel Field of Services and Apps Development
Blockchain technology has created a new field of services and app development.
This is seen in the development of decentralized apps and crypto services.
Based on the utility of blockchain technology, apps and services are created to bring more meaning to and enhance the usability of blockchain technology and encourage subsequent adoption.
This new terrain of apps and services requires a deep understanding of blockchain and smart contracts to create decentralized apps.
The designing, debugging, and eventual launch of these apps test the skills of developers.
Talents from Developing Countries who have these highly sought-after skills are selected and employed by crypto startups to help with their product development.
These individuals are given the opportunity to be part of something revolutionary and make a difference to their lives.
In addition, other individuals who have these talents can team up and start a project, providing employment for themselves, which they may not have otherwise had, without the existence of blockchain technology.
A New Wave of Job Opportunities
Blockchain technology has created a new wave of Job opportunities in the crypto space.
As with regular jobs, crypto companies and projects need people to manage different aspects of their operations.
These operations range from product design and development, project or business management, community moderation, communication, business analyzing, marketing, influencing, and others, all combined to help a company or project succeed.
These job positions which vary between high, medium, or low skill are open to all, including peoples of Developing Countries.
These people are seen taking advantage of this innovative job opportunity to better their lives.
With the required skill, peoples of Developing Countries can apply to design and develop products for a company, introduce ideas and help companies plan their business, analyze market trends and proffer ideas that can help businesses navigate the industry.
They can also apply to be influencers and ambassadors helping a business grow its brand awareness, or community moderators who help attend to complaints and keep the company’s communication channels organized.
There’s also the growing space of technical writing where persons of Developing Countries have sought, obtained, and have written content for crypto businesses.
These job opportunities help these individuals combat the ever-rising unemployment rate in their given Countries, without which they too, may be unemployed.
They also make more money compared to what is obtainable in most regular jobs in their Countries, all thanks to innovative opportunities created by blockchain technology.
Interacting with Decentralized Finance Platforms.
Decentralized finance (defi) is a sub-sector of the crypto market where individuals, including peoples of Developing Countries, can make money by interacting with different defi protocols and services.
These defi services include yield farming, crypto lending/borrowing, and staking.
In yield farming, interested participants provide liquidity for a crypto exchange in return for a reward, usually in the native coin of the exchange.
This is because exchanges need liquidity to facilitate trades. Thus, yield farmers supply liquidity (money) in a pool which enables smooth trade among pairs and earn commission on trades of those pairs.
In this way, investors playing the defi sector of the crypto market make money.
As an innovative opportunity created by blockchain technology and open to all, peoples of Developing Countries can supply their coins to serve as liquidity and earn a yield on them.
Crypto lending and borrowing
Crypto lending and borrowing are another innovative defi opportunity created by blockchain technology.
The beauty of these opportunities is that they vary, are diverse, and have something that appeals to different players in the market.
Crypto lending and borrowing involves supplying crypto assets to lending platforms for a period to fund persons or institutions who may need loans.
The lenders’ assets are locked up for the stipulated period on which they earn dividends which may be weekly or monthly.
Borrowers are expected to provide a certain amount as collateral or security in case they default in paying back the loan.
Peoples of Developing Countries are using this product to earn dividends on their crypto assets.
Assets that crypto holders do not wish to sell can be supplied as loans and earn interest on them.
Staking involves locking up a crypto asset in a given network to earn interest.
There are many coins and projects on different platforms where interested participants can lock up their crypto assets to earn interest on them.
Projects enable crypto staking and incentivize holders for locking up their coins over a period.
Through this practice, investors can earn more coins and also help to secure the network.
All of these defi opportunities were made possible by the existence of blockchain technology.
Blockchain gaming as a New and Innovative Opportunity
Blockchain gaming is a new and innovative opportunity created by blockchain technology that helps peoples of Developing Countries.
Using elements of blockchain technology such as cryptocurrencies and Non-fungible tokens (NFTs), web 3 game developers are able to fuse concepts that incentivize gamers beyond the sentimental fulfillment of playing games.
These incentives include the conferment of rights to ownership of game characters which players can utilize to sell or gift their game characters. And compensation in the token of the game which players can exchange for cash.
Blockchain gaming as an innovative idea of blockchain technology forged both entertainment and reward and is taking gaming to new levels.
As seen in the peak of the Axie Infinity game which attracted lots of players from the Philippines which accounted for up to 40% of the game’s player population, peoples of Developing Countries take advantage of innovative opportunities created by blockchain technology to make a living.
Axie players were seen dedicating long hours to gaming, battling other characters, and making a side income from the game.
In addition to this, peoples of developing Countries can take advantage of the different blockchain games in the space to make content, stream for their audience, and be rewarded.
Normie gamers with a huge flair for gaming can also explore the world of blockchain games and use their talents to create fame and wealth for themselves.
Although still in its infancy, the concept of blockchain gaming is gaining attention far and wide. In the coming years, new ideas will be introduced to balance and stabilize the system. What is important is that the seed has been planted.
One blockchain game to keep an eye on is the Devikins game. Created by Moonlabs Studio, the Devikins game is designed to bring mayhem, horror, and fun to players where players of the Devikins game battle others with the playable characters of the game to attain fame, status, and wealth in the void.
As we have seen, blockchain technology provides laudable revolutionary opportunities for peoples of Developing Countries. These people, who may have previously felt hopeless, are utilizing these innovative opportunities to improve their lives.
More impressive is that these are only the beginning of what is possible with blockchain technology.