In 2009, blockchain technology was brought to the forefront due to the exponential growth of bitcoin. What started as a platform to back bitcoin has morphed into a distributed supercomputer, difficult to counterfeit. Many people consider blockchain to be the internet of today, which has the potential to revolutionize our lives. With the advent of internet many longsighted individuals termed it as the missing component needed to transmit information and opportunities to the deprived, to empower them, in turn creating a more equal environment. Although, today we know that this theory devised by visionaries is far from the reality, it is believed that blockchain truly does have the potential to achieve an equal distribution of wealth and a prosperous society. Undoubtedly there are barriers that need to be overcome for the mainstream acceptance of blockchain, but once that is dealt with, it is only a matter of time how fast this technology spreads.
In its latest report, the renowned accounting firm PwC went so far to state that they are “building block(chain)s for a better planet”, which multiplies the credibility of blockchain and what it stands for. But what DOES blockchain stand for? Allow us to shed some light on the promises of blockchain and how, quite possibly this technology will save us.
1.Tackle climate change
Climate change is an undeniable fact. It is probably the most threatening change we are facing in this era. Blockchain in the environment sector encourages members to recycle, conserve energy etc. and by doing so, they are rewarded with tokens.
An interesting use case of blockchain for combating climate change is the Climate Chain Coalition. The UN has initiated a project which contains a panel of group members. The project is geared towards encouraging association between the members to enable blockchain to cater to the problems pertaining to the climate.
2.Help oppressed masses
Statistics show that in 2017 over 1 billion people couldn’t officially prove their identity. To the privileged people it may not sound astounding but proving your identity is directly linked with being able to access health care, education, and other basic facilitates. In addition to that financial involvement of the masses is considered to be the key player in combating poverty. However, the biggest problem here that needs to be addressed is that over 2 billion people don’t even have bank accounts. This keeps the poor masses from getting financial assistance, securely transferring money, or establishing a credit score for future loans.
3.Monitor funds for charity
Over the last couple of year, sponsors have lost their trust in charities. This has less to do with their personal preference and more to do with charities not being credible anymore. However, this isn’t the only issue related to non-profit organizations. Another issue that has been brought to the forefront is the breach of personal information, embezzlement, sexual misbehavior and mismanagement of funds. In the UK, as much as 11 charities were fined due to illegitimate procession of data, in 2017.
One of the ways to tackle this problem is to adapt full transparency so that donors can monitor their funds to see whether they are being donated to the deservers or not. This in turn, would completely diminish the need for a middleman. So, by incorporating blockchain for charity, not only would the donors be able to trust, they would also save a huge amount of money by eliminating the middleman.
An example of this is the project knows as Alice. What Alice does is that it employs blockchain to show donors a report of where their money is going.
Donors can also go so far to choose the goals they want their charity to achieve. They have the right to freeze their charity in case they don’t see any progress being made. If charities don’t achieve the goals they set out with a particular amount, they are liable to pay it back.
So, it’s safe to say that blockchain has completely disrupted the facet of charity organizations, from donors not knowing where their money was going to them being able to locate it.
4.Secure personal data
The recent incidents of Facebook-Cambridge Analytic data breach scandal has probably left you shocked, and why wouldn’t it? When you realize your data is being misconducted, it puts you in an uncertain situation.
The more social media platforms we use, the higher the chances for our data going in the wrong hands arises. Our information can be stolen, misused or traded. So, instead of exposing ourselves to the dangers of these third-party platforms, we can use a blockchain enabled platform to store our information in.
A real-life example of this is the Enigma platform. The Enigma platform basically allows computations to be still run over your data, however, it protects it from invaders or data embezzlers.
Data can be protected when companies don’t resort to its monetization. Once the outsider involvement with your data is ceased, you can rest assured that your data is safe.
5.Secure independent journalism
Freedom of journalists around the globe is subject to threats like never before. For democracy to prevail in its true meaning, we want individuals capable of voting, to be well-informed. So that they can go out and choose the right candidate. However, this isn’t possible without empowering our media, especially when opinions lead to civil disorder in states.
To nip this problem in the bud, let’s take the example of Civil, which is a project geared towards revolutionizing the facet of media. This platform enables journalists and their followers to conversate interpersonally and transparently through a cutting-edge funding model which enables journalists to narrow their focus on their followers.
Blockchain is set to disrupt the disruptors and in this day and age, it has become vital to the survival and success of companies to utilize this nascent technology. Blockchain is set to fuel the growth of any company that uses it, and the above examples are a proof of that.