Even though blockchain technology continues to make strides in developed countries, investment bank Exotix believes that it will have the biggest effect in emerging countries.

In most cases, events develop in a step-by-step process. However, in some cases, technology allows us to bypass certain steps to get us to the end goal even quicker.

Paul Domjan, who is the global head of research, analytics, and data at Exotix touched on how certain technologies have the ability to skip a few steps to present end users with a solution to their original problem, as well as a host of additional benefits.

According to Business Insider, Domjan discussed how the rapid increase in smartphone usage showcases this. Having a fixed telephone line in a developed country is probably a given, but this isn’t the case in emerging countries. Instead of giving citizens in the latter the chance to experience the convenience of a landline, smartphones have instead given them the chance to experience the world from the comfort of their own palm, essentially skipping the step of having a fixed line.

Domjan feels blockchain may have a similar effect in countries with emerging economies. The specialist investment bank had this to say:

Even though blockchain was originally created to support cryptocurrencies, it offers huge benefits to basically any industry relying on record keeping, especially in the financial sector.

However, even though blockchain is a viable option for many businesses and groups, even the United Nations, it is by no means a blanket solution, especially if efficient processes are already in place. This is more evident in developed countries than in certain developing counterparts.

However, some developing countries do not have any, or perhaps only have poor, structures or processes in place. In this case, blockchain technology could revolutionize certain sectors, specifically the property industry. Domjan elaborated:

According to Domjan, the property sector is not the only one that can benefit from blockchain:

Smart contracts also create an opportunity for developing countries to work more efficiently. These are automated contracts developed on the Ethereum blockchain, whereby, for example, payment is released to a certain party automatically once all of the pre-determined and agreed upon conditions are met. Even though it could work well in the case of a deed transfer, smart contracts can be used in other industries as well. Domjan explained:

Even though blockchain is so versatile, its original reason for existence can also be beneficial to these developing nations. Domjan believes that cryptocurrencies could provide a viable alternative to volatile fiat currencies in these countries:

Do you think that the blockchain adoption will grow in developing countries in 2018? Let us know in the comments below!