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5 Ways in Which Blockchain Can Drive Social Impact

With blockchain dominating tech circles as the latest buzzword for almost a decade now, there are quite a few lofty ideals that it underscores, such as transparency, trust, and provenance; for people to place their cards on it to deliver social good. Where does this trust stem from?

First up, blockchain is inherently democratic because of its decentralized nature, notwithstanding some of its features such as timestamps, verification systems, audit trail mechanisms and protections against tampering.

Secondly, the blockchain extends far beyond its much-touted application, the Bitcoin. It is the tech and vision that drives dApps, inspires developers, piques the interest of young investors, and has been instrumental in pooling significant talent from other domains to organically develop into a quickly growing ecosystem. This ecosystem spans several industries such as finance, technology, media, logistics, and dozens of other areas presenting a convergence of how technology can improve our quality of life globally.

Blockchain’s humanitarian face

Over the last few years, the need to address socially relevant issues through the use of technology has become particularly relevant. What with climate change posing such a tremendous challenge for young and old alike, the promise of blockchain technology has caught the fancy of the social impact world, with several innovators experimenting to find use cases for this uniquely secure technology. This has resulted in hundreds of new organizations, governments, ventures, and initiatives focused on blockchain. Several tech corporations are placing their investments on blockchain technology to solve global social issues such as refugee assistance, distributed energy, and supply-chain tracing. So, how could the blockchain be applied to generate social impact? Let’s explore how, on this blog.

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