Will Blockchain Technology Help Empower Middle And Working Class Citizens?
Increasing Wealth Income Gap
“The three richest people in the US – Bill Gates, Jeff Bezos, and Warren Buffett – own as much wealth as the bottom half of the US population or 160 million people,” A study from the Institute for Policy Studies concluded. Their research also found the billionaires listed in Forbes magazine’s list of the 400 richest people riches people in the United States were worth over $2.68 trillion – more than the gross domestic product of the United Kingdom.
“The billionaires who make up the full Forbes 400 list now own more wealth than the bottom 64 percent of the U.S. population, an estimated 80 million households or 204 million people — more people than the populations of Canada and Mexico combined,” the study continued.
The middle and working class of the United States has seen less capital for their work since the 1978 passing of the Airline Deregulation Act. The repeal of Glass-Steagall and the far less protective Dodd-Frank banking regulations also put the country at risk of another financial collapse.
Blockchain Solutions Offering Hope
While the United States is currently led by politicians with economic beliefs rooted in Neoliberalism, the ongoing political struggle to change these policies has been a decades-long battle. Cryptocurrencies offer Blockchain solutions which could help balance the wealth inequality issues seen throughout the world.
It’s unlikely cryptocurrency will ever become as powerful as fiat currency, yet they do have the ability to help displaced individuals, small business owners, lower healthcare costs, and a number of other issues within the global economy. While a number of the more popular cryptocurrencies don’t have value past speculation, more recent innovations are addressing actionable obstacles.
CannDollars work on the CannDollar platform and can be used in any market. Their website gives the following insight into how the cryptocurrency operates, “The CannDollar platform allows CannDollars to be used anywhere and at any time. CannDollars can be spent, sent or converted back to physical silver coins at low cost, avoiding the 2-6% typical fees and foreign exchange costs.”
The company backs each token with physical silver, meaning that the tokens can never be withdrawn due to unforeseen circumstances. This technology is combined with the CannDollar Debit or MasterCard attached to individual accounts, allowing for instant transactions.
Future Of Blockchain Solutions
With the number of companies attempting to find real-world solutions trough Blockchain technology, there is no doubting that mainstream exposure for the innovations will grow exponentially.
The increased exposure will allow middle and working class individuals to find additional ways to make their lives easier while economic, political shifts begin to take hold.