Implementing technology such as blockchain could prevent global civil unrest from being offset by volatile commodity prices, according to the business blockchain UWIN (Freeing Wealth in Nations)
UWIN has stated that there is a growing threat of global civil unrest on volatile commodity prices. (Image source: DFID / Flickr)
Volatility in commodity markets is likely to increase in the coming months and this could lead to greater civil unrest, especially in developing countries, which may require military intervention.
The warning comes from UWIN, which aims to transform agriculture and trade in raw materials in Africa and other parts of the developing world.
This has happened recently in Tanzania for the price of its cashew crop in 2018, the company said in a statement.
Julius Akinyemi, CEO of UWIN, said: "The current crisis in cashew prices in Tanzania, where the president ordered the army to buy the country's 2018 nut harvest, thus spreading volatility between farmers and buyers could be the beginning of more civil unrest in developing countries caused by rising volatility of raw material prices.
"A slowing global economy and the unstoppable march towards the US dollar will only exert pressure on already low commodity prices, for example, the price of crude oil is already decreased by more than 20% from the beginning of October ".
To help solve this problem, UWIN said that commodity markets and countries heavily dependent on the raw materials they produce must make wider use of technology such as blockchain to make their operations more transparent and efficient.
UWIN is discussing with African governments how they could use their new and unique technology proposal that will allow farmers in developing countries to properly register their products, mobilize them and efficiently exchange their products on a reliable platform.
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