Blockchain for Impact

Blockchain For Impact

It’s the age of information, (but also misinformation!), and technology. Those that are getting ahead, for good or for bad are leveraging this to their advantage. This article explores the benefits of the use of blockchain technology for impact.

The area of finance among others is increasingly embracing blockchain use for the benefits it provides in ensuring traceability, transparency and recording information, and the use is on the increase across sectors as more plan to utilize blockchain for their data management.

Blockchain technology has immense potential in allowing for us to not just gather more complete and accurate data, but to also allow for more informed decision-making. This is particularly important in the world of sustainability and impact, where resources, efficiency, and outcomes are of crucial importance.

When most think of blockchain they still think of cryptocurrency, and whilst there is benefit to use of cryptocurrency within the impact space and creating more impact ecosystems leveraging this technology, the use of blockchain for impact is about more than just crypto. While it may be a stretch to consider how a technology most associated with crypto can be connected with the non-profit world, as well as social and environmental impact and governance, we only need to look at the solutions, how they are transferable and the benefit. Solutions have been implemented for art authentication, to business contracts to digital voting and business process management. Essentially, the systems and processes within impact and non-profit initiatives that are linked to intended outcomes are no different, and if anything, require a greater degree of traceability, trust and accountability.

The use of blockchain removes geographical boundaries, it allows for accountability and transparent tracking of funding, while still facilitating anonymity where necessary, it also lends itself to decreased opportunities for corruptions, and in sum increases levels of trust.

There is going to be a turn in the tide in the social and impact sector, despite the initially slow uptake, as this disruptive technology is leveraged by impact technology innovators. Non-profits and those in the impact space would be wise to familiarize themselves with how the technology can be utilized within their sphere of operations, as this can be leveraged for even greater impact. A little gentle nudge to the techies out there who are ruling the world — for larger scale adoption of technologies that can truly make a difference in the world of impact, lets work toward demystifying them, creating more everyday options for access, and utilizing them in ways in which the relevance to any industry is clear.

Originally published at https://www.linkedin.com.