Cryptocurrencies and blockchain in tourism as a strategy to reduce poverty

Abstract

Poverty in Latin America and the Caribbean continues to be a problem with no apparent solution. We propose in this article the use of cryptocurrencies and blockchain technology as a tool to reduce poverty in the region through economic activities from tourism. A detailed analysis of the potentialities collected by tourism, cryptocurrencies and blockchain technology was carried out. Given the tourism capabilities of the Latin American and Caribbean regions, a set of efforts must be made by governments and private companies to implement tourism development in regions and locations with great biodiversity and cultural resources not yet explored. The relative access to bitcoin accounts through smartphones means that financial transactions through cryptocurrencies are available to small merchants who normally do not have access to traditional bank accounts. On the other hand, access to the internet via mobile telephony must be further strengthened to facilitate payment systems and so that blockchain-based technologies can be developed at maximum capacity. It is concluded that in order to achieve a significant reduction of poverty it is necessary the confluence of an adequate regulation of the cryptocurrencies by the governments as well as the development of an adequate infrastructure that allows the creation and / or recovery of microenterprises boosted by the Offer Initial of Coins (ICO).