Social Impact of Blockchain: Case on Vena Network

hatu (76)in #bitcoin • 6 years ago (edited)

Access to capital is impeccably important.

A few years ago, it would have seemed that innovative thinking is limited to only a few countries in the world as the vast portion of start-ups were located in those few countries. The recent eruption of ICOs, however, shows that innovative thinking can sprout from anywhere; world-changing ideas and developments can sprout from anywhere.

The deciding factor on where start-ups rise from boils down to access to capital. A small number of countries have enough venture capitalists that they can sustain a high concentration of start-ups. ICOs made geographical boundaries meaningless as VCs could fund projects across the world.

While the blockchain has had an impeccably positive impact on the rise of innovation in developing nations, not every project aims to utilize the blockchain.

In fact, a large piece of the global economy is still entirely cored on physical developments. Software can only go so far. In developing nations, particularly, start-ups focused on physical needs are not only a more dire need, but also more likely to succeed. Additionally, populations that have less interaction with digital infrastructure are more likely to think of novel solutions in industries more focused on physical products.

There needs to be a way to fund these projects too.

A Flat World of Opportunities

In the world’s weakest societies, ideas fail to materialize as access to capital is largely held by a few elite. Yet, ambition is an innate piece of some people’s nature and entrepreneurs are certainly born everywhere; just, in some countries, they are not given the opportunity to thrive—or even survive.

Vena Network is a new blockchain project that can be a boon for entrepreneurs in the world’s weakest societies.

Vena Network is providing the infrastructure for a world where capital (from loans) can be a cross-border reality. Vena Protocol is designed to allow qualified nodes to issue loans without being balked by centralized financial entities.

Entrepreneurs, anywhere, will be able to access loans in this peer-to-peer ecosystem. To some, this will finally be an opportunity to break from the burdens of losing the lottery of birth. Vena Network can allow Vena Nodes to issue capital to those who need it most, but nodes need to be qualified.

This means that those issuing the loans would have passed a vetting process that ensures they are able to make the proper risk analysis when issuing a loan. Thus, when an entrepreneur would request such a loan, he or she can rest assured that if the idea has genuine potential, the capital will be accessible. This creates a financial infrastructure that aims at the success of everyone on a global level.

As a positive externality of the services Vena Network will enable, untapped innovative minds will be able to provide the world with new developments. The world can now finally benefit from the aggregate presence of creativity and drive that exists in every country.