How Blockchain Technology Can Be Used for Social Good
Blockchain technology has been garnering a lot of attention these days, after years of staying in the shadow of the actual cryptocurrency bitcoin. Blockchain is the public ledger of bitcoin transactions, which are stored and verified by a network of computers solving complex algorithms, and is seen as a potentially disruptive technology in various sectors. While the applications of blockchain in finance and banking have been popping up, Microsoft has ventured to explore how it can be used for social good. These were discussed at an event hosted by Microsoft's Civic Innovation team in New....
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The ways in which blockchain technology can be used to support social good were discussed at an event hosted by Microsoft's Civic Innovation team in New York last night. Taking place at the LMHQ venue in Lower Manhattan, the event was kicked off by John Paul Farmer, director of technology and civic innovation at Microsoft. Farmer, who previously served as the senior advisor for innovation in the White House Office of Science and Technology Policy, explained the purpose of the session was to explore the kind of impact blockchain technology can have when used in new and creative ways. He....
The recently concluded London Blockchain Week showcased various blockchain initiatives that are focused on the social good sector. The cryptocurrency technology is known for its ease-of-access, transparency, and decentralization. These very features also bring in accountability, which is much needed in today’s social good sector. The use of Bitcoin in the non-profit industry sector has already shown promising results, enabling people to donate to the needy, in a timely manner irrespective of the location. The recently concluded London Blockchain Week 2017 showcased the cryptocurrency and....
The Chinese government is to use blockchain technology for social security payments such as unemployment benefits and pensions. According to China Daily, Wang Zhongmin, vice-chairman of the National Council for Social Security Fund states: “There’s no doubt that blockchain technology will be used in the social security system because of its valuable applications in the investment and management of social security funds.” The National Council for Social Security manages almost $300 billion with a budget increasing yearly by 24.6 percent. Due to blockchain’s ability to cut out middle men,....
Aside from its budding use case in overhauling mainstream finance, blockchain technology has also been lauded for the way in which it can help enact social good. Jessi Baker, CEO and founder of London-based startup Provenance, established in the summer of 2013, is hoping to channel the potential of distributed ledgers to do just that. Alongside heading Provenance, Baker is also undertaking a PHD investigating new technologies to build more transparency into supply chains - the lack of which, she said, brings about most of the world's social and environmental problems. "One of the big....
China’s Ministry of Industry and Information Technology (MIIT) has published the country’s first official guiding document on blockchain technology and its applications in the country. China, which sees a significant majority of the world’s bitcoin trading, is a notable example of a major government’s foray into understanding cryptocurrencies like bitcoin, and its underlying technology, the blockchain. Just a month ago in September, the Chinese government was revealed to be working on developing and eventually using blockchain-based solutions for social security payments. Talking about the....