How Blockchain can help developing countries

Blockchain was invented to create bitcoin but can now store computer code and "smart contracts" The technology offers the possibility to innovate in virtually any area, but the top uses are for cryptocurrencies and decentralized finance (DeFi) applications. The UN Commission on Science and Technology for Development (CSTD) recently published a report on how to harness blockchain for sustainable development.

Blockchain is the key technology in an increasing integration of physical and virtual worlds. Its impact goes beyond the economy as it transforms social, public relationships within the environment that merely affects the country's sustainable development.

Blockchain also offered windows of opportunity to developing countries to catch up and others to forge ahead. catching up increases the real income and government finance and helps the countries accelerate progress.

Blockchain helps to strengthen governments innovation systems to position and benefit from this technological wave. This will help most of the developing countries to improve their regulatory frameworks, skills and digital infrastructure.

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