Most Blockchain projects aim to raise funds and generate profits to help those in need. Blockchain is regarded as a young technology, but its benefits are remarkable. It is truly contributing well to society.
On the other hand, there are various charities that do not have any technology to reach corporate donors who are willing to help the needy. Blockchain applications are many, and it is extensively used in diverse sectors such as healthcare, transportation, finance, business, etc.
Blockchain is actually a network where data and other private information can be stored safely. It has eliminated the additional burdens on the individuals who are dealing with lots of pressures managing huge amounts of data.
Top Ways How Blockchain Can Be Used for Social Good
Blockchain was first used by Bitcoin, which is one of the first Cryptocurrency invented in 2009. This technology is used to verify each transaction, and now major firms and investors have started investing in this asset.
Blockchains are used to serve the nation by providing financial inclusion to solve global problems. So, now let’s know the top ways how Blockchain can be used for social good.
1. Government and Democracy
Civil society and the government can leverage the benefits of Blockchain technology to strengthen participation and democratic processes. Blockchain is widely used in the voting system to avoid any type of manipulation by political leaders.
Blockchain keeps the voting procedures safe by not allowing modifications once the data has been entered. This technology is best used as a store of information that can be viewed publicly, and this improves society’s trust. Hence, this network is truly contributing well to society.
2. Financial Inclusion
Unlike fiat currencies, Blockchain eliminates the need for any financial intermediaries that can make the transactions slow. Traditional payments may include credit cards, debit cards, and bank accounts, and these benefit sellers. But what about those who don’t have any bank account.
Here, the Blockchain comes into play. The transactions made via Blockchain make it secure all around because none of the parties can manipulate this transaction. Blockchain is truly helping the people who are in need of financial inclusion without the need for any central authorities.
3. Healthcare industry
Blockchain technology is used in the healthcare sector due to its remarkable benefits. This network acts as the best store of information and reduces the burdens from the staff and nurses. It takes a lot of time to maintain the records of the patients, and this can be frustrating for both hospital staff and patients if records get missed.
These burdens are eliminated by Blockchain technology. All pieces of information are stored on this network, and this can be viewed by both doctors and patients. This creates trust between patients and the healthcare sector.
4. Funding Sustainable Initiatives
Blockchain is becoming popular due to its reliability and transparency that it offers to the audience. The platform of this technology is also used to raise funds and charities for the needy. This technology is contributing to social good to society.
According to Bitcoin Prime, organizations are taking advantage of this feature of the Blockchain network that enables people to view the information safely.
5. Securing Non-Profit Donations
For a non-profit organization, it becomes very easy to operate and collect donations using technology. Traditional electronic payments disable donors to know if the money went to the right place or not.
However, this issue can be solved by the Blockchain technology that enables all the donors to know the proper information about their money. Blockchain helps donors to keep track of their funds.
The Bottom Line
Blockchain is one of the best technologies that has been invented till now. It is used in various enterprises and thus, serving good to the society. The above listed are the major ways how Blockchain is helping society in a better way.