Joseph Lubin, the co-founder of Ethereum [ETH], recently took to Twitter to note how the Ethereum blockchain is slowly improving the financial and technological infrastructure of numerous developing countries. Lubin named Chile and Philippines as their prime adopters.
The performance of Ethereum has not been up to the mark this year, however, Lubin who is also the known founder of ConsenSys, a software production studio, is promoting it through its technology.
Chile’s National Energy Commission had also adopted Ethereum earlier this year. They stated that they picked Ethereum due to its ability to “augment levels of security, integrity, traceability, and confidence in the information available to the public”.
The nation had adapted Ethereum’s Proof-of-Work blockchain to track energy data. The Ministry had expressed their appreciation for providing their data and for helping against hacking and manipulation, reported Newsbtc.
Likewise, Philipines’ Union Bank had also partnered with Lubin’s ConsenSys to develop Ethereum-based banking solutions for rural areas of the country. The decision was taken when a survey was done by the Bangko Sentral ng Pilipinas, the country’s national bank noted, that 77% of the Filipinos were unbanked.
According to the publication, the chairman of Union Bank, Justo Ortiz, said that Ethereum’s blockchain technology would help them “crack the hole of financial inclusivity”.
Lubin went all out on Twitter about the technological benefits through blockchains and people responsible for this. Lubin tweeted:
“I believe in
#blockchain technology because of the people behind it. The developers, engineers, and technologists who #BUIDL The smart contract experts who audit and secure the code The designers who care deeply about user experience The marketers who tell the story of Web3″.
Along with praising the people behind the technology, Lubin highlighted the potential of crypto-assets like Ether to protect people from paying more money to pay for the same commodity, also known as hyperinflation. An example of this is Zimbabwe, which has abandoned its local currency after dealing with hyperinflation for years.
Apart from Ethereum, other crypto-asset like Bitcoin [BTC] and Dash [DASH] have rescued many hyperinflated economies. According to the publication, crypto-assets are ideal choices as they are decentralized and can be minted from anywhere to be exchanged or used as currency.
Lubin opined that the technology has numerous benefits, not only to individuals but to a nation as a whole. Lubin expressed this while saying:
“Blockchain is more than a market. It’s a movement. Blockchains are solving real-world problems. Governments get it.”
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