Social inequality is a major problem which has affected many people in society. There is a huge gulf between the high class, the mid-class and people in the low class. While there are many efforts to breach the gap between these strata, it hasn’t been easy. Bitcoin technology has proven useful in solving many problems in society, and one of those is inequality. Read on as we explain how exactly that happens.
What is social inequality?
Social inequality refers to the way resources are shared and distributed in a society based on how people are defined. Social inequality is the differentiation and preference of access in the society based on religion, gender, ownership, race, age and other social classification. It also implies a lack of opportunities based on the labor market, freedom of speech, education and source of income.
Reasons for inequality in the society
Here are some of the reasons for the prevalence of social inequality:
Education
Education is one of the most obvious factors which can enable social inequality in any society. While it might be easy to get an education in some countries and states, it’s pretty difficult in some places. This is because of class or race, which can affect their access to education.
Wealth condensation
When the wealth in a place is detained by a few people, this might cause social inequality. Indeed, when some people feel they don’t have the same wealth accommodation as others, this might cause some kind of classification in society.
Technological development
With the recent improvement in technology development, especially as it refers to jobs, many jobs have been rendered obsolete. The development of technology is based on:
- Country of location
- Speed of the Internet
- Budget
- Preference of user
This can cause some kind of social classification, which can be bad for those involved.
Gender
When we talk of social inequality, we can’t forget to mention gender. Gender is arguable the biggest factor when it comes to social inequality. Females are usually the most affected and this tells on the way they are viewed in society.
Ways blockchain can help solve social inequality problems
Social inequality can be reduced or totally removed using blockchain technology. This cryptocurrency system comes with several benefits for social inequality.
It helps reduce scams and fraud
Corruption is a major factory which many high-class citizens use to make money. However, this has been reduced with the introduction of blockchain technology.
Blockchain is tamper-proof and has reduced the gap between mid-class citizens and the lower echelon. Most transactions are certified via various parties, which stops corruption that many top people in society use to make money.
Accountability and accessibility
When we talk about social inequality, this norm can be reduced when there is genuine transparency in the system. With a secure and transparent system like blockchain, you are assured of addressing social causes via cryptocurrency.
Traditional means of payment have made transactions difficult to show accountability. When a system is transparent, genuine and secure, then you are assured of better accountability. Tracking funds is necessary when you want to close the gap between the financial class in society.
Eradicate administrative cost
When trying to stop social inequality, it’s important to reduce administrative costs. Bitcoin technology does just that. You will notice that it’s hard minimizing administrative and operational costs when using the traditional mode of payments.
Faster and better efficiency
Social inequality can help reduce the gap between the rich and the poor using blockchain technology. Making payments on cryptocurrency helps people reduce payments across borders. Social inequality differences are based on the information and using the latest information based on market trends.
Easy accessibility
One of the benefits of bitcoin technology to reduce social inequality is access to information. Many take for granted the way you can easily access bank accounts and financial information. However, it’s hard to breach the gap without having access to bitcoin technologies. To learn more about the accessibility of blockchains I advise you to attend conferences on bitcoin for example.
Blockchain technology helps many people have easy access to financial intelligence, which makes it easier for them to make money easily. With blockchain technology, there is an opportunity to gain access to the decentralized model of payment. This makes it cheaper and easier to make money and move higher in the cadres of life.
Social inequality in society is a prevalent factor which affects many people. For there to be no preference between the top cadre of society and the low cadres, blockchain technology is used in various ways. It’s important to know and understand the way they work.