Blockchain is known for its transparency and autonomy which makes it a promising tool to optimise operations in various sectors. The initial spirit that the internet had has changed now and a blockchain is an ideal tool that can revive the lost intent. While the technology has been of great use in the areas such as fin-tech, real estate, logistics and the like, the recent research published in the Journal of Cyber Policy has outlined on how blockchain can be useful in the social impact initiatives. The research article has highlighted how blockchain is not immune to barriers from different areas such as government laws, stringent rules and regulations on the use of the technology and so on.
The change is not just a simple shift to new technology but rather requires the mindset the knowledge to accept the new form of transactions which helps in eliminating intermediaries. We are expecting the future that is powered by automation and thus, blockchain can support the growth of the technology and its disperse. Especially, in terms of social impact projects which are undertaken to eradicate the world’s most disturbing social issues. One may wonder how blockchain can come into play in such a contrasting field of interest; blockchain is not just about bitcoin and business investment, it is a paradigm that can be effectively used in various areas.
Below are the four innovative ways in which blockchain can be used in social impact projects:
- Blockchain in agriculture : Blockchain technology finds a receptor in almost every sector and agriculture is not an exception. Agriculture involves supply chain just as every other field does and throughout the process, starting from the cultivation of the farm produce till it reaches the end-customer, there is a chain of events that take place and if something goes wrong in one step, the entire network gets affected. So to prevent such mishaps and to avoid problems like contamination, adulteration, etc., Additionally, the middlemen system and other intermediaries can be removed from the process which saves a lot of money for the farmers.
- Blockchain in digital identity : Although we have certain proof of identity such as ID cards, passport and so on, there is a possibility to generate fake identity cards and on the other side, people who belong to the remote areas are struggling to prove their identity. To avoid such circumstances, blockchain technology can be used to create a digital identity for each citizen. Blockchain is one of the most immutable technologies. Blockchain mining ensures the proof of work and also has features such as digital signature which creates a unique identification for every individual. Best of all, blockchain is universally verifiable, so it saves a lot of time and money for people, making their lives easier.
- Blockchain to eradicate Corruption : One of the major problems in our society is corruption which always finds a loophole and acts as a leech, extracting huge proportions of money illegally. Against the theoretical principles of democracy, which promotes transparency, we often ignore or fail to exercise our right to information. As a result, we do not get accurate information on where all the tax money that we pay goes into and what kind of exchanges takes place in the government. Blockchain is a great resource to rip off the practice of corruption from the society. The fact that every transaction is recorded in a permanent ledger makes it impossible to create a false record. Also, the use of cryptocurrency not only makes it convenient to trace the transactions but also helps in the exchange of huge monetary funds, across the world, without an intermediary.
- Blockchain in healthcare : We have discussed earlier that blockchain can help in storing patient information. But beyond that, blockchain finds its place in the pharmaceuticals supply-chain as well. It is important to keep track of the conditions of the medicines that are transported. By tracking and verifying the conditions of the pharma products, the physicians can discard the medicines that are not in good condition.
There is more to this list as the blockchain technology is ever-expanding. To know more about how you can integrate blockchain and your business, drop a message below.