Zimbabwe Awaits Its Economy to Turn to Blockchain Technology

Zimbabwe Awaits Its Economy to Turn to Blockchain Technology

Blockchain
July 6, 2020 Komal Joshi
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Zimbabwe is an underdeveloped country that is suffering from the last few years due to the destructive condition of its economy. If we take a brief review of the previous few years of the Zimbabwean economy, then it can be recognized that the country’s primary source of income is its agricultural output, which is also
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Zimbabwe is an underdeveloped country that is suffering from the last few years due to the destructive condition of its economy. If we take a brief review of the previous few years of the Zimbabwean economy, then it can be recognized that the country’s primary source of income is its agricultural output, which is also has declined by 51%.

Economic analysts and futurists suggest some fundamental changes in the economic sector in terms of blockchain technology.The transactions which can be done by blockchain technology include the transfer of money, assets, and information. The blockchain technology involves digital money systems out of which bitcoin is the first-ever application to be used worldwide. Blockchain is thriving in Africa.

Shifting to blockchain technology will have numerous advantages for Zimbabwe’s economy, which can be briefly explained as follows: As it is already known that by adopting blockchain technology, the users can securely transfer their finances anywhere in the world without even including any intermediary party i.e., banks. When the users of blockchain technology do not involve any banks, they are not utilizing any banking services, which makes the transactions even faster and more efficient.

By utilizing blockchain technology, one can reduce the costs of their transactions. Even making transactions worldwide is free of cost. When there is a free of cost option, which is efficient and fast, then surely the general public is going to change from old banking ways of making financial transactions to blockchain technology.

It’s not only finances which can be transferred by the blockchain technology, but this technology can transfer different crypto assets. Even the energy can be traded by blockchain technologies, enabling users to trade excessive energy to the people living close to them. Usage of this advanced technology aids the residents of Zimbabwe by removing the controls from utility companies. Blockchain technology not only enables its users to complete transactions free of costs, yet also it is secured. Blockchain technology is a distributed general ledger, which indicates all the transactions done by this technology are recorded in a ledger, verified, and accessed by the people included in the transactions at any point in time.

Blockchain technologies are utilized to transfer confidential information, which offers not only to research fields of the nation but also to the medical and health care department of Zimbabwe. In the healthcare sector, all the valuable and confidential reports of patients can send them by applying this platform. Various application developers are making attempts to elaborate some really easy to utilize and user-friendly applications based on the concept of blockchain technology. The availability of these kinds of applications makes it simple for users to make financial transactions. Because of this easy to use feature of this technology, the general public is more inclined to invest in cryptocurrencies which will help thrive in the Zimbabwean economy.

Blockchain technology supports decentralization in the country, which means transporting more control to the general public, which encourages new entrepreneurs to commence new businesses, which ultimately helps in strengthening the Zimbabwean economy. By the passage of time, blockchain technology will develop tremendously, and the point that how the central banks are also taking part in examining the new technologies determine the possibilities of incorporation of blockchain technologies into the financial system of the country as a whole. Blockchain technology guarantees to resolve the fundamental difficulties of the online system. It’s a secure, fast, efficient, and cheap way of performing transactions that influence Zimbabwe’s residents to come and invest in cryptocurrencies by utilizing blockchain technology, which will evolve Zimbabwean economy.

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