Frontier Blockchain Technology Helps Younger Entrepreneurs Create Businesses with Social Impact

Jul 29, 2019   |   Jeremy Philemon

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Photo by mmi9

Blockchain technology, which first burst into mainstream as a secure platform for cryptocurrency, is today being extended to transform industry sectors on a holistic ecosystem basis.

Blockchain technology underpins digital currency such as Bitcoin, Litecoin, Ethereum, and the like. The technology allows digital information to be distributed, but not copied, hence making it secure. It links individual pieces of data to only one owner, much like the conventional currency.

John Monarch, CEO at Shipchain, recently said: “Connected devices revolving around the Internet of Everything (IoE) need a higher level of security. Blockchain technology is a matchless solution in this regard because it provides the best protection through distributed ledgers, advanced encryption, smart-contracts and reduced intermediaries. As a result, this will tackle corruption, ransomware, theft, premium-fees and tracking issues.”

As it provides transparency and accountability, blockchain technology is particularly suitable for recording and managing ledgers. This is especially useful sectors involving healthcare, real estate, legal industry, security, government, education and, charities and aid organisations. <transparency is especially, need to know where money is going?

For example, many donors who contribute to the various causes in the charities sector worry if their donations reach their intended beneficiaries.

Blockchain technology allow charities to create trust through smart contracts, which is a computer protocol that digitally facilitates, verifies, or enforces the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. With it, the charities sector can improve their online reputation management systems which can help donors trust that their money is going to the specified cause.

The shift in technology in the last decade has given rise to younger entrepreneurs who are more interested in creating businesses that create social impact. Besides disrupting industries, can blockchain technology create social impact? How can blockchain create change – what are the factors contributing to its adoption, what are the risks involved and what is the potential in this area for changemakers and the underserved population?

When it comes to a blockchain frontier technology like Bitcoin, no one is too young (or too old!) to get involved. Read how the blockchain technology is all set to disrupt the world as we know it.

Benefiting the world with blockchain

10th August, 2018, The Business Times

Blockchain technology, with its transparent, immutable qualities aligns with a nonprofit business model. Using the technology can enable the reduction of global economic inequality, grant people first-time access to the financial system which has largely ignored or exploited them. Read more here.

Blockchain Against Hunger: Harnessing Technology in Support of Syrian Refugees

30th May 2017, World Food Programme

Photo by Isaiah Rustad 

U.N.’s World Food Programme is implementing a blockchain based system that allows refugees to get food with an iris scan, instead of relying on cash, credit, or vouchers, all of which can be stolen. Read more here.

Samsung And South Korean Enterprises Enter The Blockchain ID Race

16th July, 2019, Forbes

South Korean mobile giant, Samsung, teams up with three financial services companies to launch a blockchain-based mobile identification system next year. Through its application, it removes individual consumers’ dependence on a central intermediary to verify their identity and manage their personal data when making online transactions. Read more here.

Blockchain could revolutionize education next. Here’s how

July 23, 2018, Tech in Asia

Blockchain technology can disrupt the education sector by providing an avenue to verify certificates, creating a one-stop education profile, getting students ready for exams, and by creating a hyperledger. Japanese electric company, Sony utilized IBM blockchain technology to consolidate an online depository of education records. Read more here.