How Digital Currency Trading Platform Impacts the Refugee Crisis?

How Blockchain Technology Can Help the Present Refugee Crisis?

digital currency trading platform

In today’s time, the refugee crisis is becoming a matter of concern in every part of the globe. A new surge of refugees is occurring in different places. From the Middle East countries to the United States, the number of people relocating keeps increasing every day. According to a recent study one out of five refugees has crossed from Libya to other countries, many have disappeared or have drowned. Around 60 million people was forced to relocate from their land to other places. Every day this number is increasing. More people are relocating today than in earlier instances. So can the latest technologies like Blockchain help this crisis? Let’s see.

Digitizing essential documents and identity

People getting relocating from their own land have no documents or identity cards. Without any valid document or identity, it’s tough to relocate to any country and also for future destinations. According to a survey it was found almost 70% of Syrian refugees lack basic identity cards or essential documents. Technology can come in handy here and help create in identity and have it stored on digital form. So countries going through war or economic turmoil will have scattered records, either lost or abandoned.  Blockchain is one ideal solution for data storage.

So, the new technology will help refugees export all the basic data to immigration authorities and speed up the whole relocation process. Moreover technology will help refugees share every detail starting from health data to credit rating with the authorities in a few simple clicks. Easily available details will ensure a smooth refugee process during the crisis. Also it can’t be stolen, manipulated or even lost. That is why in this digital era, Blockchain technology can help counties deal with the refugee crisis to a great extent.

Dealing with inefficient transactions

Mexico is one country hosting a huge number of Central American refugees. In Mexico most transactions are made on cash.There is no credit card use. A high credit card transaction fee is one main reason; it ranges from 10% to even more.  Remittance fees for all international transfer range up to 6% for popular service providers like Western Union. This means for $100 spent, $6 is lost to intermediaries.

The all-new cryptocurrency is a viable solution to reduce transaction fees and time for all cross-border payments. So, using the best digital currency trading platform helps saving transaction costs and time. With this users can complete transactions in a few simple clicks. Implementation of this innovation can reduce costs for refugees sending payments back and also for people eager to donate money to different charities.

Tracking refugee camp donations

Another specialty of Blockchain technology is that it can track all donations, thereby giving donors transparency. People now can send money from any part of the world with full assurance. Many startup groups have already started using cryptocurrencies and Blockchain to facilitate donations. Few apps and online services are also coming up giving donors a transparent facility. Hence, the benefit of using Blockchain and cryptocurrency is that it ensures all donations are verifiable, transparent and makes the most impact. The present Syrian refugee crisis is grabbing the attention of people from around the world, huge donations are taking place. So the technology will help in utilizing every dollar for the betterment of refugees.

The refugee crisis is nothing new, it’s increasing every day. Technologies like Blockchain and Cryptocurrency can’t fix the refugee crisis but it can help authorities track details and track donations easily. Technological innovations can’t change world politics or old mindsets but it can help reach out to the distress and provide a better solution. To address the present refugee crisis the need is socio-cultural change and private-public partnerships, but the present scenario is only propelling the whole crisis. However the implementation of two new technologies, Cryptocurrency and Blockchain can bring a considerable difference in some tangible areas.

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