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Three Ways DeFi, Cryptocurrencies Improve the World

While cryptocurrencies and the technologies around them such as blockchain tech are still niche technologies, we are seeing an increasing array of different applications through which the world is being made a better place. We highlight some of those below.

Funding oppressed people and dissidents

Gary Kasparov, the chess legend who has now taken to advocating for human rights, says that cryptocurrencies can be a major tool through which people opposed to regimes that are anti-people can marshal the resources they need to resist the oppressors.

Kasparov says by using cryptocurrencies, people can move funds around without any interference from government agencies. He adds that this doesn’t only apply in territories with oppressive regimes but modern democratic countries also need these technologies because governments are becoming irresponsible and are printing money excessively, hence skyrocketing inflation. Cryptocurrencies allow ordinary people to take charge and fight back against those government excesses.

Documenting possible war crimes

Recently, we reported how Starling Lab submitted blockchain-backed evidence to the ICC so that potential international law violations could be investigated with regard to the ongoing war in Ukraine.

The work being done by that research center provides another major way through which defi (decentralized finance), cryptocurrencies and blockchain technology can be pivotal in making the world a better place to call home.

As more digital evidence is collected and archived using blockchain systems, governments around the world are likely to be less eager to engage in acts that can land the key actors before the International Criminal Court, given that smartphones are now major tools in capturing real-time evidence and broadcasting it over the internet.

Expanding how charities mobilize funds

Defi eliminates all the red tape surrounding efforts to collect funds for charitable causes. For example, traditional bureaucracy requires one to spend more than a fortnight setting up a nonprofit before the collection of funds can begin.

However, defi cuts through this time-consuming process, and a viable effort can be underway in a matter of minutes. This is exemplified by Crypto Relief, a nonprofit set up to collect donations aimed at helping out in India at the height of the pandemic. In only a matter of weeks, the charity had collected more than $470 million, and teams on the ground helped to vaccinate a sizeable fraction of the Indian population.

The examples above are just a tip of the iceberg regarding the potential of defi, cryptos and the web3 technologies behind these functionalities to change the world for better. As companies such as Marathon Digital Holdings Inc. (NASDAQ: MARA) expand their footprint and scope of engagement, a lot more ways to deploy blockchain will be popularized.

About CryptoCurrencyWire

CryptoCurrencyWire (“CCW”) is a financial news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets, (3) enhanced press release services to ensure maximum impact, (4) social media distribution via IBN (InvestorBrandNetwork) to nearly 2 million followers, and (5) a full array of corporate communications solutions As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness. CCW is where news, content and information about crypto converge.

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