Prominent use cases of blockchain in social sectorPosted by finterra on January 6th, 2019 How about using blockchain and digital currencies in the social sector? Yes, there are some prominent use cases which have already taken place. Blockchain and charitable foundations In order to enhance fundraising opportunities, a wide array of charities and foundations are accepting bitcoin and other cryptocurrency donations from donors directly. During the process, they exchange cryptocurrency donations through an online wallet for dollars or any other flat currencies at the ongoing exchange rate. A wide array of organizations have created customized “charity coins” to raise money for specific non-profits or social impact projects. Blockchain presents a rare window in terms of transparency and honesty which makes them more trustworthy in the eyes of backers. Problems that nonprofits face is the lack of accountability like how much money is spent and transparency. The technology makes the system wholly transparent and tall the information easily accessible. With this system, donations don’t need to pass through intermediaries anymore. Rather, they go straight to the recipients. Use for remittances Well, some organizations are also making use of blockchain technology to cut down on the remittances transferred across borders by migrant workers.For example, the remittance service Abra claims to cut down on transaction fees by 90 percent. It is already active in 155 countries. It converts money into bitcoin, transfers it across blockchain platform and settles it in a local currency on the other end. Apart from Abra, Rebit and BitPesa also utilise blockchain technology and bitcoin to create affordable global remittance systems. Identity and land rights with blockchain platform Nowadays, one in every five people lack in terms of legal identity and the rates may be higher for refugees who have to flee suddenly. Identifiers such as birth certificates and university degrees can be stored on a blockchain in the form of distributed digital lockboxes. Information about users can be kept private and secured. But still give permission to anyone to access the data anywhere from across the globe. Other than a secured digital identity, the technology can also be utilized to secure land ownership rights. In many parts of the developing world, proof of land ownership is a challenge where inequalities in wealth and power relations makes rural poor and others less able to establish property rights amid land grabs by corporations and governments. Blockchain for governance and democracy Blockchain technology helps to strengthen democratic processes and participation for government and civil society.
Environmental protection and blockchain When it comes to environmental arena, new blockchain-supported supply chain management which is transparent but cannot be tampered with can track products from the farm to the table. It can make out whether the food product is organic or not. Overall, Blockchain technology has a vital role to play in the social sector and serve varied purposes. Finterra is a credible multi-national Company seems to be a worthy blockchain platform of the next generation. Follow us on Facebook. Also follow us on: Twitter: @finterra2u
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