How Blockchain Help Solve Societal Problems
Our
world runs on data. Every transaction we make requires verification and is
often performed by a centralized body. Such a system results in a power
imbalance of approvers vs. the approved, thereby limiting participation and
collaboration. When you look at the verification of any transaction, it
generally involves a simple check based on the most recent data. For example, a
money transfer from party A to B involves a check of the current account
balance of A and the authentication that party A indeed wants to transfer the
specified amount to party B. This type of transaction also involves identity
verification of Party A and B. All these steps in the fund transfer can be
automated with the help of a technology that provides secured democratization
of data with the programmability of transaction logic. Blockchain is that
technology.
The
sale of fraudulent goods, costly finance fees for transactions, and data
breaches have the most impact on the underrepresented and economically
disadvantaged who are unable to afford the increases in goods and services that
these problems create.
The
power of Blockchain, with data that is decentralized and available to all
permissions parties, resides in its ability to enhance collaboration via
reliable data. Built upon the premise of collaboration, technology facilitates
a balance of power among all parties.
Blockchain
for Social Impact & Sustainability Virtual Conference
This
virtual conference lines up the best minds that will explain how they are using
these innovative technologies and how one in particular- blockchain- is
enabling them to implement processes, activities, and business practices that
not only correspond to the principles of sustainability and consequent social
impact but, most importantly, is enabling them to put into practice their
visions that would have otherwise remained confined in dreamland.
We
hope you have found this article informative and interesting. For more
information or queries contact us to know more about this technology.
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