Technology

How Does Technology Help Reduce Poverty?

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Written by Bilal Munsif

In today’s world, there are many things that technology can do. One of these things is to help reduce poverty. Technology such as AI, IoT, E-commerce platforms and Mobile banking have been helping to increase the efficiency of various businesses. They are also making the lives of people around the world much easier. This article aims to explore these different technologies and how they can improve the quality of life of individuals in poor countries.

AI

Artificial intelligence (AI) holds tremendous promise for improving the delivery of healthcare services in resource-poor settings. However, implementing AI in this setting requires attention to a number of legal and ethical considerations.

There is also a need to consider how to incorporate a variety of local factors into the AI application. This includes infrastructure requirements, local languages, and understanding the social and cultural contexts of resource-poor areas. A robust research agenda and an appropriate deployment model are the keys to unlocking the full potential of AI.

The benefits of AI can be felt in the fields of agriculture, health, and education. In fact, it’s possible to improve agricultural techniques, aid the spread of disease, and even enhance literacy levels.

The use of AI in resource-poor settings is still in its infancy, however. Several high-profile meetings have discussed the use of AI to deliver critical public services.

Some researchers are using AI to measure the progress of poverty-fighting interventions. Others are using it to pinpoint areas that need help. For example, one project uses AI to detect fuel poverty. It can also identify healthy vegetation and predict road conditions.

Another promising AI tool combines publicly available satellite imagery with artificial intelligence to map and track poverty in African villages. Combining night and day images led to an 81-99% accuracy rate.

A recent study by Stanford researchers found that combining night and day images was a good way to estimate the number of poor people in a region. While the new tool is a good start, more work is needed to realize its full potential.

Considering that there are eight21 million people suffering from chronic food deprivation, the use of Artificial intelligence in this area can make a huge difference. It could also improve the humanitarian response to food shortages.

With the increasing amount of investment in supporting technologies and the ubiquitous nature of smartphones, there is an abundance of opportunities to use AI applications. Using an intelligent chatbot can soon stand in for the role of a teacher, and give students who aren’t able to attend school the opportunity to learn.

Mobile banking

Mobile banking is making a significant impact on poverty in developing nations. Not only is it a cheaper way to send money, but it can also help recipients build savings.

A recent study published in Science found that mobile banking had a notable effect on sub-Saharan Africa. When farmers were paid through savings accounts, their household consumption increased. This was a significant feat in a difficult economic climate.

For a country like Kenya, where almost every household uses M-Pesa to make payments, this can be a real game changer. In fact, the M-Pesa system has helped 194,000 families out of poverty.

As a philanthropist, Bill Gates is well-versed in the field of poverty reduction. He has been active in philanthropy and charitable causes since founding the Gates Foundation in 1994.

Although his foundation has had a big hand in addressing issues ranging from small farmer incomes to malaria in Africa, he believes that the use of mobile banking to address the financial inclusion challenge will be a game changer. His prediction: two billion people without bank accounts will be using mobile banking by 2030.

According to research, the most important benefit of mobile banking is that it helps to increase economic participation. It helps people get better at managing their money, and makes them more productive. Having an account can also give people the freedom to take control of their finances.

Even if the benefits of mobile banking don’t reach the entire population, it is still a definite improvement over the old-fashioned ways of managing your finances.

IoT

Internet of Things (IoT) technology is becoming increasingly important to reduce poverty. It can help to close the cyber poverty gap in developing nations, boosting access to healthcare, education and other human services.

The IoT is a network of sensors and machines that communicate data. This data is then gathered and distributed to social workers and case managers. Using this information, governments can make more effective decisions and implement better policies. In addition, IoT is being used to mitigate natural disasters and epidemics.

While IoT can provide many benefits, the application of this technology is still evolving. To make it effective, it is vital that its innovation incorporate social acceptance and user training.

IoT can provide cost-effective monitoring capabilities to farmers. By leveraging the use of smart sensors, farmers can save money by improving crop yields. New technologies are also reducing the use of fertilizer.

IoT can also be leveraged to identify tenants at high risk of fuel poverty. Through this information, governments can determine which areas to support, and provide better urban planning.

Developing countries are now beginning to explore the use of IoT applications in every field, which includes Banking, Commercial Loan Services, Education and Healthcare. They are experimenting with applications in social networking, m-health, and smart cities. However, the social acceptance of these applications for the urban poor is still unestablished.

One example of an innovative use of IoT is the Hello Tractor. This smart tractor provides farmers with the tools they need to increase their crop production. As a result, food is more affordable and more available to the general public.

Another example is a Nigerian startup called Zenvus. The company has developed a mobile app that connects small farmers to electronic marketplaces. Through the use of smart soil sensors, Zenvus helps farmers increase their yields and profits.

Ultimately, IoT can boost international development goals by providing sustainable solutions. By working together, governments, technology companies and donors can create a more inclusive global economy.

E-commerce platforms

E-commerce platforms are becoming an important tool in reducing poverty. Unlike the traditional sales model, e-commerce expands sales channels and reduces transaction costs. It also promotes the development of local industries.

Several challenges confront the e-commerce industry in lower income countries. These include high data usage costs, restricted Internet access, and poor road conditions. However, e-commerce can benefit poor farmers by expanding their market and promoting their brand of agriculture.

Researchers have to take into account the interests of these actors in constructing a sustainable EPAAN. It requires researchers to pay attention to changes in the needs of the various alliance members. As a result, a stable EPAAN will be established.

Agricultural cooperatives are the dominant players in the network. These organizations identify poor farmers and provide them with targeted assistance. Besides, they have an industrial structure. They can promote the industrialization of agriculture.

While the implementation of e-commerce platforms can help reduce poverty, it is essential to have the support of the government. For this, the government should formulate the regulations, plans, and enforceable systems.

About the author

Bilal Munsif

I am a professional writer and blogger. I’m researching and writing about innovation, Blockchain, technology, business, and the latest technology articles