Technological Inventions and Poverty Reduction

Abstract

Poverty is a major worldwide problem that has a significant impact on people's possibilities, quality of life, and general well-being. Depending on the setting, goal, and approach used, there are many different methods to define and quantify poverty, which makes it a complicated and diverse problem. The different definitions of poverty draw attention to how complicated the problem is and how important it is to take into account a variety of factors while examining and resolving poverty. Poverty reduction initiatives help create a wealthier and more inclusive world for all people. One useful metric that might be investigated to lessen poverty in contemporary society is the incorporation of technology as a nexus. Although technology cannot end poverty on its own, it is a vital tool in tackling many of the root causes of poverty. Therefore, to fully realize the potential of technology to reduce poverty, it is imperative to overcome the digital gap and ensure equitable access to technology. When used effectively, technological innovation can help reduce poverty in society by providing access to knowledge, education, employment opportunities, financial inclusion, clean energy, innovative agriculture, catastrophe resilience, and many other things. These strategies include encouraging innovation for poverty alleviation, improving education and training opportunities, and promoting inclusive access to technology.