Stirring up a revolution in emerging economies using DAOs

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The advent of web3, a future-ready iteration of the world wide web powered by the blockchain, seems ready to unlock a seismic shift within the global economic landscape.

Furthermore, the trustless, transparent ethos of this new tech paradigm is creating an equitable playing field for all of its participants, one which does not discriminate on the basis of an individual’s geographical location or financial status. For those in the know-how, this revolution has been brewing for some years now, possessing the power to revamp many of yesterday’s archaic economic structures.

A new digital reality

Developing nations have long since been faced with a wide range of socio-economic problems ranging from a lack of quality digital infrastructure to poor access to everyday fintech services. These seemingly mundane problems have not only impeded their financial growth but have also curtailed their business potential.

This is where web3 and its colorful palette of offerings stand to make a difference. By opening up to the idea of decentralized autonomous organizations, or DAOs, we are now in a position to offer digital innovations that can provide better accountability, trust, data processing capabilities, and much more.

Just think of a future where the idea of a ‘digital divide’ is just a fictional construct. In a recent report by the World Bank, the legacy institution painted a grim reality, one which most smaller economies have to face regularly, wherein even the most basic of services, such as access to a bank and uninterrupted internet services, are not accessible to them.

This not only reduces the productivity of their workforce but also decreases the quality of jobs available in these regions. Not only that, it leaves a large segment of capable individuals lagging behind in the global technology race.

That said, there is a silver lining on the horizon. A recent Go to Source to See Full Article
Author: Guest Post

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