How can blockchain technology be a force for equality?
The thing about fair and equal market opportunities is that they tend to be more readily available for the privileged and wealthy. The recent pandemic highlighted this more than ever, stemming back to the adoption of capitalism.
Can emerging markets, and those with the nerve but not necessarily a trust fund behind them, give rise to a thriving environment of commerce?
Vleppo thinks it’s more than possible, and is working towards this as a sustainable and realistic future.
The recent rise in popularity of crypto-art, and non-fungible tokens (NFT) means the dawn of a new age for artists and creatives. Essentially, any digital asset (and not just art) can be sold and bought.
In a greater sense, it creates the opportunity for someone to pull themselves out of poverty to almost immediately access a global market to sell their wares. There is no requirement to build or rent your own store, to create a website, and invest in glitzy marketing campaigns, you would just need your computer and your Internet connection. Blockchain, therefore, stands as a technology to promote greater financial freedoms and opportunities without prejudice.
The current challenges to this are the exploitative transaction fees and questionable arbitration practices of some of the big blockchain providers and organizations. While the technology does provide a point of access for emerging markets to meaningfully transact with developed markets in a safe and predictable way, transaction fees stand as barriers to the poor and disenfranchised. In this way, popular blockchains, such as Ethereum for example, are inherently discriminatory and cater exclusively to those with the ability to pay volatile and at times excessive costs.
Emerging markets that should benefit from Blockchain’s ability to improve access to the global marketplace are now seemingly priced out of the technology, resulting in slower rates of uptake, and a loss of opportunity.
Now more than ever, there should be a sharper focus on the delivery of a blockchain service that doesn’t intrinsically discriminate against the less wealthy but benefits those who desperately need digital infrastructure. Attainable and effective, non-discriminatory blockchain technology is what Vleppo has, believes in, and advocates for.
Author: Peter Coco, CEO Vleppo