What is does a better world mean to you? An egalitarian utopia? Clean oceans, cleaner air, and the eradication of toxins that have infiltrated our habitat? Or perhaps it’s simply about driving to work on a Monday morning without having to deal with major traffic issues? Whatever your definition of a better world is, we would all agree that there is so much potential for the world to get better. How could blockchain technology work towards the betterment of the world as we know it?
Experts and enthusiasts affirm that the potential capacity of the blockchain is immense. Judging by our current technocentric ecosystem, its impact could potentially extend far beyond finance to literally every socio-economic sphere.
A brief look at some developments
Everyday activities in diverse spheres are expected to change dramatically. Already, researchers have discovered over a hundred humanitarian projects built on blockchain technology in many key areas including: energy conservation, human rights activism, healthcare, agriculture, education, governance, climate & environment, land rights, wealth redistribution, water, and philanthropy. Although many of these initiatives are still in seed stage, researchers have reported remarkable growth potential.
Blockchain is already making a difference
While all these future prospects are exciting, blockchain is already making the world a better place one block at a time. One example of such networks is the Bangladesh company, SOLshare. SOLshare works to bring solar energy to villages and remote communities in the country, by connecting individual households through an energy grid to produce and exchange power with one another. This technology helps people in village have access to power supply without having to rely on local utility companies. It also creates several micro-producers, thereby removing any possibility of a monopoly. Countries like Nigeria with inadequate power supply can benefit immensely from similar technology.
More benefits of blockchain
Some more benefits of blockchain technology is the ability to provide a digital identity to people who otherwise would not have access to one like immigrants and refugees. This can help give everyone a fair chance of surviving in the global economy.
For example, last year, Coca-cola in collaboration with the US State Dept., announced that they were working on creating a registry built on blockchain technology to combat forced labor. Initiatives like this on a grander scale could mean that forced labor and labor exploitation of immigrants could become a thing of the past.
Blockchain can eradicate electoral fraud!
Another very key potential use of blockchain technology is in the eradication of electoral fraud. Election manipulation and vote rigging are rampant in many developing nations. This phenomenon is often followed by bouts of violence and oppressive governments. With blockchain, however, electoral fraud will be literally impossible. Democracies will benefit from the decentralized access, as no one would be able to tweak or subvert votes after they have been entered into the blockchain. Votes will be easily tracked by any member of the public – imagine what that level of transparency could do for democracies worldwide!
The spread of blockchain could very well birth a utopia of sort, and even in the smallest ways. Whether it’s keeping your money safe in a digital bank that could never fold, promoting humanitarianism or simply making the world a greener by eliminating paper currency, the changes promise to be beneficial.
This article is in partnership with Quidax. Quidax is a European based cryptocurrency exchange with a focus on Africa. We provide a seamless platform for users to send, receive, buy and sell cryptocurrencies using their local currencies.