Blockchain and Social Impact – Driving Transparency and Accountability
Humanity faces various challenges that threaten its well-being, yet blockchain-based solutions like public blockchains could offer solutions for them.
Examples include tracing donations and providing access to immutable identification documents, as well as using blockchains to decrease information asymmetries between governments, enterprises, and individuals.
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Transparency
Transparency is key to building trust, improving decision making and driving efficiency. Blockchains offer a trusted platform that facilitates transparency by eliminating intermediaries, cutting costs and creating greater accountability.
Blockchain technology can also help increase transparency in supply chains by increasing traceability and sustainability practices. For example, animal welfare organizations use it to track an animal’s history – its genetic profile, food intake habits and health records are easily verified using this technique.
Blockchains can also enhance healthcare transparency even before treatment has begun. Companies like Chronicled are working to use blockchain technology for secure data sharing between researchers and patients without risk of data breaches; this could enable quicker clinical trials with less potential data breaches. Furthermore, blockchain transactions can be recorded securely into an immutable ledger, making regulatory agencies and auditors’ review simpler while cutting redundancies that contribute to inefficiency or errors.
Accountability
Blockchain has proven its worth as a secure digital currency solution, but it’s also an incredible force for social change. Because it’s decentralised, trustless, and globally accessible – helping eliminate information asymmetries which lead to corruption, censorship, or human rights abuses.
An increasing number of social impact initiatives are exploring the power of blockchain to realize their goals, from crowdfunding campaigns and supply chain monitoring, cash transfer programming, humanitarian financing support and humanitarian financing programs.
Blockchain can enable individuals to regain effective control of their personal data from intermediaries and gain more privacy as well as monetisation power over it. Furthermore, Blockchain provides verifiable records of what citizens receive – including time stamps, geolocations and the supply chain. All of which help address concerns surrounding transparency and accountability as well as realign borders without needing legal documentation for movement across international boundaries.
Efficiency
Blockchain not only offers transparency and accountability benefits, but also efficiency benefits that can dramatically lower business costs. For example, tracking goods using the blockchain is faster as intermediaries are no longer needed for tracking purposes – while resolution issues quickly becomes simpler since blockchain serves as one source of truth for tracking purposes.
Blockchain can also improve efficiency by streamlining paperwork and time delays, for instance during asset transfers such as real estate ownership transfers. Parties involved can exchange documents digitally instead of sending paper copies for signatures to reduce fraud, theft and forgery risk as well as lower the environmental cost associated with paper waste.
Safety
Blockchain can create trusted, verifiable and transparent record keeping. As such, some technologists claim it can help rebuild bridges between centralized systems and their users.
Blockchain can also play an integral part in social impact initiatives by helping ensure data only reaches those who require it, decreasing the chance that sensitive information could be misused maliciously.
Blockchain can play an invaluable role in revolutionising how NGOs and other social good organisations operate; from tracking impact of projects to verifying that donations are used as intended. But several factors must be considered before using this technology for social good:
