There is huge potential when it comes to blockchain and its ability to drive social impact, but how much is hype and how much is reality?
Many people believe that blockchain is set to infiltrate and revolutionise pretty much every major industry in existence, as well as altering the way that people and societies interact. A fledgeling technology that increases efficiency, is low cost and offers more transparency is about to have massive implications on sectors that are involved in driving social impact. The possibility of being able to transform existing systems through providing solutions that were previously inconceivable is here. But one question remains: is blockchain just the latest technological buzzword or are we at the pinnacle of something that is going to drive incredible social impact?
Stanford University recently conducted a study where they analysed 193 different organisations, initiatives, and projects that are utilising blockchain to drive social impact. Through mapping and cataloguing the blockchain sector, the research captured which applications have already begun to disrupt and create waves of social impact. It also identified which industries and use cases are more or less advanced, and what can be learnt from the many pilots, test cases, and experiments that are using blockchain for social impact. Key findings from the study include:
We may be just beginning, but the impact is close
Whilst blockchain projects that are dedicated to social impact are still in the early stages (34% were started in 2017 or later and 74% are in the pilot stage) it is estimated that 55% of social blockchain initiatives will impact beneficiaries by the end of this year.
The blockchain is paving the way for things that were not previously possible
20% of the 193 blockchain initiatives that were researched would not have been possible without blockchain and 86% of them offer distinct improvements on existing solutions.
The blockchain is most common in payments and record verification
The most popular uses for blockchain technology are records and verification (26%) and payment and money transfers (25%). The most popular primary benefits are reducing risk and fraud (38%) and increasing efficiency (24%).
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