We've always depended on the governments to make things right. Turns out year after year this ends up being hopes in disguise. Anyway, we can say some countries have done much better than others. This is the clear difference between poor, developing and advanced countries. Oh Yes! Here comes issues of taxing especially in advanced countries while the remaining others still suffer exploitation. What does the future hold when it comes to transactions?
I know, we hear transaction here and there, maybe you are becoming a little fed up with it. You shouldn't, the fact is that, transactions have come to stay. Even text messages NOW are transactable. We are living in a world of 'everything transaction' and this is one big opportunity for tech underdogs 'decentralized chains' to ponder upon. blockchain technology will gradually outpace former modes of operation in ALL areas, it just a matter of who will be in control, the people or the government?
In my view, there will be a Split, with higher odds to the governments. I have written several articles concerning it, my last three recent posts points to this. Whether the government take higher control is not what that matters, what matters is that there is an opportunity, a big one to be more precise for web3 and decentralized chains to flourishe. If one would ask me why web3 is slow to growth, I would not necessarily say government pressure but rather a lack of infrastructure that can create needed awareness.
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The poor and underdeveloped economy are waiting to grab this transformation. Let's take for instance, how wide is cryptocurrency influencing a country like Nigeria? Are the government not against it? There is still a lot of rigidities in centralized transactions. banks are not too user friendly, investment opportunity is scarce when being depending on web2 and centralized system thus a need for the citizens to find new ways to move.
This is creating a big vacuum, can web3 seize this opportunity? I keep on saying it, the future of web3 is not a matter of instant result. Enough time, effort and patience must be put in place to lay a strong foundation as a future competitor (I prefer calling them 'the underdogs) when it comes to how economy will run. There are so many places even in my country that banking sectors are completely out of sight. Many get bored and tired of reaching the bank for all those registration and needed verifications.
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How is transaction done in web3, let's take Hive as an example, just create an account within few minutes are all is done. You are NOW open to global transactions. Wow! You know sometimes it seems all this is just a dream.I knew how I once struggled in my early years to send money to a friend abroad. It all ended up in dissapointment. That is why I can't take what web3 and blockchain technology for granted.
My utmost concern is flexible investment opportunities. Centralized systems are full of paperworks which leads to many data exploits. Let's not go there because many don't care or perhaps don't understand such vulnerabilities. If I can buy X investment when I want to buy it, then it's a good business. The reason why the poor and middle-class countries are facing economic setbacks is because investment opportunities are too procedural. Old timers are clothing the entire system locking citizens out.
To conclude, let me add, I feel web3 is not in any means late to the global economy push. It is just a matter of understanding that first, big moves need to be taken. It centers on awareness, how can web3 seize developing countries, how can it be a substitute in the world of finance. It is a vital direction that will draw new users to this chain. How many billions of people are still waiting to have their hands on this new technology. How will the population even look like in the Next two decades, even the government know they will need alternatives to survive financial scarce. So yes, web3 has opportunity, the right question is, 'will they make the most of it?'
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