Blockchain For Social Impact : Five Sectors Where The Technology Has Opened A World Of Opportunity

Blockchain For Social Impact

Our world nowadays runs entirely on data. Each transaction needs to be verified and should be performed by a centralized body. A system like that causes a power imbalance between the approvers and the approved but limits participation. When you check the verification of any transaction, it is based on the recent data.

For example, if money is transferred from Party A to B, then the current account balance is paid attention to. You will have to verify the identity of both parties. A technology like Blockchain can automate all the steps in this transfer.

The sale of wrongful goods, high fees involved, and data breaches have a significant impact on the economically disadvantaged people who cannot afford this increase in goods and services prices.

Blockchain For Social Impact

1. Agriculture And Land Rights

In agriculture, organizations apply the blockchain to increase transparency in the food supply chain. This increases the ability to track the food from the farming point to its consumption. Apart from that, blockchain technology can help to remove intermediaries and assist the farmers in getting more information and gaining access to agricultural markets. In the land rights, the blockchain can address the lack of any land registry or rights in particular developing countries.

2. Climate And The Environment

The climate and Environment sector has to process lots of transactions to trade and distribute the energy and thus reduce environmental harm. In the case of energy initiatives, the blockchain can assist in improving the efficiency of existing grids and remove the intermediaries involved. It can also help in the micro-optimization of energy at the facilities level. People can track their energy usage with the help of a transparent and easy-to-use platform.

3. Financial Inclusion

Financial inclusion can clearly be identified as an enabler for 7 out of the UN’s 17 sustainable goals. Companies want to understand their customers’ preference, and by collecting this data, you should not compromise on a person’s privacy. Many companies build a platform for individuals to give their data to companies and get paid, while this platform safeguards individuals’ identity and privacy.

4. Governance And Democracy

Blockchain systems can improve the voting processes all over the world by promoting security, transparency, and inclusivity. Once the authority decides the voter’s eligibility, they provide a token to the voter that is countable and verifiable, thus making it more secure. Some companies are also working on open-source voting platforms so that any citizen can audit the functionality of the voting system.

Governments are using blockchain to help manage other services and encourage the privacy of data. For example, certain local, state, and national governments are using these systems to manage their citizen’s data and verify this without going into any underlying information.

Democracy Earth is working on the idea of “liquid democracy” that encourages a system of direct democracy. This allows the users to allot a number of votes to one person or multiple votes to a single issue. This kind of voting allows the communities to decide their level of involvement in the democratic process.

Some other companies like Learning machine and InCraft are creating new software that generates digital records that are secure and transparent. Particularly academic documents of students can be owned by them, thus making them verifiable.

5. Health

Blockchain application in the Health sector involves industry incumbents. In such a situation, it makes sense that you build applications that empower these incumbents to improve their solutions. Uses of the same include creating an efficient data exchange between the stakeholders, enhancing security in case of patients’ medical records, and offering the individuals ownership and management of their health data.

Electronic health records are mostly soloed, thus making information exchanges costly and challenging. If there is no patient identifier, you cannot distinguish patients records that other practitioners have stored. This results in duplicate or inconsistent records of patients.

Eventually, this can lead to possibilities of a patient being mistreated. Health information should be regulated, and electronic systems in the US should comply with HIPAA standards of data security and privacy. In case the health sector faces cyber-attacks, the problem increases. Healthcare organizations have the highest expense when it comes to stolen records. Blockchain uses the distributed ledger to store documents creating barriers to future tampering and theft.

Blockchain has opened new vistas for patients to share their data with specific parties when it comes to healthcare. For example, data like personal demographics and medication history are crucial for finding targets for clinical trials. Blockchain ledgers have to be audited, and a person can trace the transfer of his health data along this chain easily.

Blockchain network with incentive mechanism could encourage such people to allow sharing of their data with pharmaceutical companies. Also, the network can enable the transfer of data between healthcare and pharma companies as well. This would further improve drug discovery and reduce their development costs.


Related posts

Crypto’s Cold War: Will Blockchain Become The New Battleground For US And China?

Virangana Shrivastava

Blockchain Wallet: Everything You Wanted To Know In 2022

Team Blockchainmagnets

IBM On A French Hiring Spree With 1,800 Jobs In Blockchain, IOT And AI Departments

Vikash Kumar

These Three Industries Are Benefiting The Most From Blockchain Solutions

Team Blockchainmagnets

Blockchain Technology Pumps A New Life Into Older Companies Including Visa And IBM

Shweta Bhatanagar

BitLaunch: Enhancing Privacy With Crypto VPS Services