Blog: Blockchains and trust
Many have heard how, according to economics, technological development is the main driver for economic growth in the long run. Because of this it has been often assumed that the countries lagging in technology will grow faster in the future compared to the technologically advanced countries, because they can utilize the technology developed in the advanced countries. In real world this hasn’t been the case and the gap between developing countries and developed countries is still large, and in many cases even growing. So why is this? According to former World bank economist Stephen Knack, the biggest single explaining factor for this is trust. This blog post will go over how trust creates efficiency to markets and how blockchain technology can revolutionize the economies of the countries with low trust and lift people up from poverty.
Last updated: 14.01.2022 15:00