Blockchain's Positive Social Impact across the Globe
Though blockchain’s applications and prospects are widely known to most of the organizations today, very little research has been done to explore its user-centric paradigm.
This technology and its core operating principles which include a decentralized architecture, transparency, equality, and accountability could play a role in limiting undue online surveillance, censorship and human rights abuses that are facilitated by the increasing reliance on a few entities that control access to information online.
The blockchain is an independent digital database distributed across a network of computers. Through a system called ‘mining,’ each transaction, such as money transfers, is stored on a block which is then attached to a chain of verified transactions.
Suggested Read: Blockchain to Drive Food Safety and Sustainability
By Vincent Doumeizel, VP for Food & Sustainability, Lloyd’s Register
The records which are stored in every block are safeguarded by cryptography, making it impossible to remove or edit them. This chain is stored and updated on every computer participating in the blockchain. Featuring a centralized ‘peer-to-peer’ strategy where all transactions are handled by an intermediary which allows each of the transactions to be processed directly from sender to recipient as well as securely identifies them with a digital signature.
By contrast, the current standard organizational model in society features banks, companies or government agencies entrusted with a ‘digital truth’. Digital records held by one source are volatile and corruptible, seeing as how changes are not recorded and can be hacked into. Blockchain has the power to change this structure and affect everyday lives to bring in better security and capabilities.
Whereas, the use of blockchain applications in monitoring epidemic outbreaks is also being widely adopted. Since blockchain allows an unchangeable snapshot of data over time and can be anonymous, partner organizations could provide securely provide disease results to individuals.
You may like: Riding the Blockchain Wave: Challenges and Opportunities
By Eric Piscini, Principal Global Blockchain Leader, Deloitte