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Social Impact of Blockchain Technology

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Blockchain technology and cryptocurrencies are already having a positive social impact on people. With their different use cases that can be applied to a wide range of activities, blockchain is not only revolutionizing the financial world but also many parts of our societies. Simply put, blockchain for social impact can indeed help people.

The decentralized feature of distributed ledger technology (DLT) is one of the best features of these networks. By reducing the number of intermediaries and making networks more efficient and independent, it is not only possible to reduce costs but also increase independence for parties. 

Several companies are already working on meaningful projects and solutions implementing blockchain technology to solve a wide range of issues: from financial problematics to inequality and fair access to information. 

Blockchain Technology and Digital Identities

By combining blockchain technology systems and decentralized identity solutions, it is possible to generate social policies that could add great value to our societies. For example, the technology would allow users to provide clear information about themselves to third parties by only revealing the data that is mandatory. Known as self sovereign identities, they are a corner-stone to enable financial inclusion through blockchain technology and decentralized finances.

Biometrics and digital identities could also help local communities receive their vaccines on time and reduce the risks of being ill. This is a great beginning to start implementing state-backed solutions to prevent and reduce outbreaks of viruses and diseases in specific and vulnerable regions. 

Read: 3 Blockchain Social Media Networks

Charity Social Impact

During the last years, there have been several initiatives in the cryptocurrency market that aimed at helping different social causes. In this sense, we can mention the initiative taken by a wide range of exchanges that pushed users to donate to different charities using digital assets. 

Moreover, as Bitcoin was reaching all-time highs three years ago, it was also possible for users to start donating large sums of money to several associations that have a clear social role. 

One of these initiatives was the one started by the Pineapple Fund that was able to donate around $55 million in BTC to several charities located in different regions. More than 5,100 BTC were donated by an anonymous Bitcoin owner that realized he was a millionaire when Bitcoin reached $20,000. 

Some of these projects included the construction of pipelines to bring clean water supply to sub-Saharan African countries and digital rights protection for users in different countries, among other things. 

Read: Blockchain In South American Countries

Coronavirus: A Crisis Representing a Great Opportunity

Social impact of Blockchain Technology - Covid-19

The world has been hit by a massive crisis with the expansion of the COVID-19 virus. Countries such as the United States, Spain and Italy have been severely hit and damaged in the last months. 

As the virus expanded very fast, the response from the society has been astonishing. Indeed, this is a great moment to take on the challenge and use the opportunity to develop innovative solutions to fight against the virus. 

RSK, alongside other companies, are exploring blockchain use cases to fight COVID-19. The David-19 initiative is an Inter-American Development Bank project that uses RIF Directory in order to understand if someone has likely developed immunity to the COVID-19 virus. At the same time, users can also see whether some individuals are presenting symptoms or how to reduce their exposure to the virus. 

The interesting thing about this project is related to the fact that users can easily validate the data using blockchain technology. This is extremely important because they do not need to give away private data or information. 

RSK Takes The Initiative 

RSK has also decided to move forward and make a generous donation to Bitgive’s COVID19 campaign that was launched on May 5th. They are currently supporting three different causes, including Direct Relief, One Fair Wage Emergency Fund and GiveDirectly’s response to Coronavirus. 

During a recent AMA with Diego Gutierrez Zaldivar, the CEO of IOVLabs shared information about the wide range of initiatives in which they are participating and that are currently having a positive impact on societies.

Food Production and Renewable Energies

Sunset, Pinwheel, Environmental Technology

By using blockchain technology it is also possible to see how these two industries, food production and renewable energies, are having a meaningful impact in local communities. For example, in terms of food production, being able to track the whole process in which food is processed would reduce the risks of spreading diseases and illnesses. Many initiatives are allowing users to know where their food came from and which were the processes applied in order to take care of the quality of the products. 

Furthermore, green energy producers can use a wide range of blockchain solutions in order to tokenize electricity. People can also be part of the entire electricity grid, selling, sharing or even buying energy to other users and participants. One of the firms working with these initiatives is Solshare, but there are many others around the world. 

Difficult Situations Provide Opportunities

As we have mentioned before, difficulties bring new opportunities for companies and firms to work on improving people’s lives. RSK is one of these entities involved in helping social realities with blockchain technology and the expansion of the crypto market. 

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