Blockchain Technology: Harnessing It For Business And Social Good

[Brianna White]

I recently read an enlightening article that broadens the perspective on blockchain technology, moving beyond its common association with cryptocurrency. While blockchain indeed plays a significant role in the crypto industry, it's essentially a tech tool with potential applications that extend far beyond trading cryptocurrencies.

The article, featuring insights from 16 members of the Forbes Technology Council, highlights how blockchain technology can be leveraged to ensure ethical business practices and support humanitarian efforts. Here are a couple of key points that stood out:

1. Sending Funds for Humanitarian Relief: Blockchain-based ledgers can allow instant, global transfers of wealth without relying on local currencies or government stability. This can be particularly useful during crises when steep transfer fees and local inflationary instability can make it difficult to send value globally. For instance, the government of Ukraine accepted humanitarian donations via Ethereum, demonstrating the reliability of blockchain during a crisis.
2. Guaranteeing Contract Fulfillment: Blockchain can be used to manage the disbursements of funds. Smart contracts can lock up funds until the terms of the contract have been met. This not only gives vendors confidence in getting paid but also allows agencies to hold vendors accountable by not approving payment until the contract conditions have been met. Since it's a blockchain, the entire process is immutable and easily audited.

These examples illustrate the potential of blockchain technology in promoting better business practices and aiding humanitarian efforts. I believe this is an important conversation for us as we continue to explore and understand the potential of emerging technologies.

I encourage everyone to read more of the article and share their thoughts and ideas on how we might leverage blockchain technology beyond its traditional use in cryptocurrency.

Read the article: https://www.forbes.com/sites/forbes...for-business-and-social-good/?sh=79eea0c04abc

 

[Ashu Pande]

All of these use cases point to the 'core' proposition of blockchain: DLT.
DLT empowers solution architects to deliver on produt requirements that espouse Trust, Transparency and Traceability.