Using technologies to fight global poverty

Team Thoughts

More than three billion people in the globe live on less than $2.50 a day, but every day, creative people devote their time and energy to finding solutions to global poverty. Whether it is aimed at improving global health outcomes, teaching children to read, or opening remote commercial markets to the rest of the world, new technology contributes to the battle against the global poverty challenge.

Providing low-cost, accessible, and dependable technical solutions has the potential to reduce poverty in developing countries. Technological advancements have shown to assist small-scale farmers with agribusiness options as well as expanding chances for education services. They also contribute to increased energy output and water security. Affordable inventions are so critical for improving the lives of those in need. 

More than 80% of people in many developing nations work in the informal economy. The informal economy, often known as the informal sector of the economy, refers to economic activity that is not included in official statistics, is not subject to taxation, and is not otherwise monitored and regulated by authorities.

Many things are now possible thanks to technology that were previously unimaginable or impracticable. In this scenario, using a smartphone or tablet, poor individuals may self-diagnose their own state of poverty in 30 minutes. For the first time, a family in a disadvantaged slum or rural hamlet may assess their own condition, which is quite powerful.

The most fascinating aspect of this cutting-edge technology is its potential. Not only for Compassion, but for NGOs striving to alleviate poverty all throughout the world.

Many policy, economic, social, and organizational actions must be taken to achieve the 2030 Agenda for Sustainable Development goal of ending poverty and hunger by 2030. Fortunately, developing technologies like the Internet of Things (IoT), 5G wireless technology, blockchain, and other tools can assist us in achieving this aim. 

Consider the following examples:

1. Up to 78 % of the world’s poor live in rural regions and rely on agriculture for food and a living, according to the World Bank. Improving the effectiveness of agricultural operations is one of the most efficient methods to increase impoverished people’s income. Innovative, innovative IoT technologies and the data generated by them may assist rural farmers in optimizing their operations, from raising crop yields to lowering fertilizer and water consumption. IoT solutions minimize crop failure risk, lower production costs, enhance yields, and give market access by giving real-time data and analysis that aids farmers’ decision making – all of which contribute to better earnings and more secure lifestyles.
2. While IoT technology can deliver enormous benefits to farmers, they can only do so if they have consistent access to high-speed Internet. Nonetheless, roughly 4 billion people, many of whom reside in rural regions, do not have Internet access today. However, this is also changing. As low earth orbiting (LEO) satellite constellations encircle the globe and 5G wireless networks are deployed, they will enable high-speed Internet connectivity to more than 500,000 farms in even the most distant corners of the planet. 5G’s promise of ultra-high bandwidth and ultra-low latency will offer up new educational opportunities for individuals living in remote areas. Live streaming of online classrooms will assist in the education of their children, while adults will have access to online education and professional skills such as computer networking. Many studies have found that education is one of the most effective instruments for bringing people out of poverty.
3. Poor recording systems in many developing nations make it practically hard for individuals to prove they own the property on which they reside. People cannot buy or sell property, establish creditworthiness, or access loans or other financial instruments essential to enhance their economic status unless they can validate a title or deed. In India, poverty is caused more by a lack of legal land ownership than by the caste system or illiteracy. To overcome this issue, distributed ledger, or blockchain, technologies are being tested in creative ways. In Ghana, for example, the non-profit Bitland launched a blockchain-based digital land register that integrates transactions with GPS data and satellite photographs to assist ensure property rights. Because blockchain records are very hard to falsify, they may also be used to create credit, allowing landowners to open bank accounts and undertake financial transactions, enabling greater financial inclusion and paving the path for prosperous economic futures.

The lives and working circumstances of billions of people are improving, thanks in part to technological advancements. IoT, 5G, and blockchain technologies, together with strong economic and social policies, are assisting in breaking the cycle of poverty throughout the world by linking infrastructure, communications, and people, opening the path for us to meet the UN 2030 objective.