Problems Cryptocurrency Will Solve in Emerging Markets
Here are a few prominent issues and how blockchain technology could benefit cryptocurrency users.
1. Cross-Border Payments:
Having a cryptocurrency allows users to make secure cashless transactions without paying transaction fees. Cryptocurrency operates at the universal level, making transactions quite easy. It helps solve the problem of inflation as money can depreciate its value over time. It enables everyone to do business globally, travel worldwide and participate in events without having to convert into regional currencies. The peer-to-peer mechanism allows easier international trade without having complications over the exchange fluctuations.
2. Non-Bankers:
It is noted that almost 73% of Southeast Asians do not have a bank account. This population with smartphones can make cashless payments globally with the help of blockchain technology. Blocnation’s multi-currency mobile wallet allows cryptocurrency users to store altcoins, exchange currencies and purchase tickets for events powered by PouchNATION. They can also book accommodations at various hostels in Southeast Asia.
3. Double Spending or Double Booking:
Blockchain technology’s strong confirmation mechanism and transaction recordings don’t allow cryptocurrency users to double book or double spend, i.e., it doesn’t allow multiple transactions for the same coin. This enables users to register tickets for events, concerts, conferences, and music festivals.
4. Data Tampering:
Cryptocurrencies are digital and cannot be counterfeited. They exist only as values in a global ledger platform that contains the entire history of everyone’s cryptocurrency transactions. This information is shared with every cryptocurrency holder. It has to be validated and accepted by all parties rather than one central administrator. As the order of the transaction is performed by grouping them into blocks and linking them into a chain, swapping a block out is impossible to complete the transaction. So it avoids editing or removing the information through unauthorized channels.
5. Identity Theft:
Cryptocurrency allows users to send exactly what she/he wants to the recipient without any further information. Blockchain consists of many nodes that are scattered across the world.
Since blockchain is stored in a decentralized database, any hacker will find it difficult to access the holder’s information. The decentralized nature of the blockchain technology along with the public-key cryptography doesn’t allow anyone to crack the chain.
6. Issues in The Ticketing Industry:
In the past, event attendees only had paper tickets which were extremely inconvenient to use. They were often lost, torn and difficult to purchase. The ticketing industry faces so many issues like fraudulent ticket sales, scalpers, incomplete ticket sales, high service fees, all of which affect their business.
To overcome these issues, Blocnation developed the world’s first ever decentralized initial coin offering. Using blockchain technology, crypto tickets are sold online. It can eliminate manual operations of event planners, overpricing of tickets in the secondary markets, long queues, and prevents fake ticket scams. It not only offers an automated guest management platform but also provides complete access control to event organizers for tracking their guest details. It also helps store analytical data on the blockchain network.
Cryptotickets are tokens with a unique policy tied to the agreement made by event organizers. You receive the BNTN tokens using our Blocnation-Komodo-powered-wallet to enjoy events powered by PouchNATION. Event goers can make use of this token for online tickets and event top-ups on cashless wristbands.
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