Can Blockchain Change The World For Good?

Ever since the dawn of the era of the blockchain technology, the world has entered a new competitive market of lightning-fast transactions with ultimate liquidity of assets and commodities alike. Society and blockchain have a very deep connection, as blockchain technology was designed to solve diverse problems that might be faced by humans either in their daily lives or on the Internet. 

Blockchain technology is ultimately working to provide options for different approaches to different kind of problems to its users and society as a whole. Distributed ledger technology allows data to be stored in vast groupings, which are encrypted and tamper-proof. It is maintained across a network of computers around the world and has no central authority to oversee it.

That being said, there are so many problems which a lot of people face in their daily lives which can be solved by using this new innovative technology. Let’s discuss some of the aspects of blockchain technology which can provide a platform for solving these problems.

One of the most basic problems that society faces is the availability and sustainable management of water for every human. If we look at the condition of sanitation and access to clean drinking water in the various countries of the world, we would come to a conclusion that there are still so many people around us that don't have the opportunity to get access to clean drinking water, which has led to a lot of diseases in those parts.

The argument raises many puzzling questions in our minds (for instance, that “how can a futuristic information technology have a relationship with a very common and simple problem like the provision of clean water?”) The answer is quite puzzling as well; blockchain technology has all that is needed to set up a platform capable of providing clean drinking water for all. 

Recently, a company took the initiative to provide access to clean drinking water to the general population using blockchain technology. U.S-based Genesis Research and Technology Group has developed a blockchain platform to provide clean reusable water for the world's population. The Genesis Research & Technology Group process relies on three patented and licensed purification methods: ultrafiltration, coagulation, and ozone generation. The system is portable and even has the ability to clean fracking water that is polluted during the oil extraction process. The native cryptocurrency of the platform is WaterToken, with its ICO scheduled to launch on 25 October, 2018. This project will incorporate IoT technology for increased functionality. This platform will merge the water purification technology with cryptocurrency and blockchain technology, so as to provide users with clean drinking water at a very low cost.

Another major problem society is facing is the problem of affordable and clean energy source, which can allow us to live a cleaner, greener life while also fully utilizing the benefits as well. Humankind has built multiple sources of energy for use but along the way, it has also created so many problems for itself by depleting the natural resources at a rapid rate and damaging the environment as well. 

In many parts of the world, people don't have access to various kind of energies. In some cases, even the very simple energy source of electricity is not available to people and as a result, they lack basic appliances like lighting, ventilation and air conditioning etc. Blockchain has the ability to solve this problem for once and for all. This futuristic technology has the ability to democratize the energy problem and make the planet green as well. There are a lot of companies working tirelessly to provide safe and clean energy to everyone at very cheap prices. Blockchain could reduce the cost of certification, eliminate onerous auditing and avoid non-market price controls so that even a small-scale green generator could eliminate potentially risky investments.

This is what companies such as PowerLedger in Australia and LO3 Energy in Brooklyn provide. They use blockchains to store generation certificates that are created by tamper-proof meters attached to solar panels. These blockchains also store transaction records when the certificates are traded so that the same unit of generation cannot be resold. By eliminating auditors, transaction costs and price regulation, this solution makes renewable-energy investment attractive even for small players. If this type of solution is used worldwide, then the problem of the clean energy can be solved for once and for all.

Actually, there is no hack-proof system which can also monitor the usage of energy. However, Blockchain has so much potential in providing a system which can ensure that there are no falsified claims against the use and provision of energy sources in an economic community. It can also help put in a system which would allow users to get access to the amount of energy required for their use only and not use energy excessively. It can also be used to set up a different kind of system which provides blockchain-backed courier services, or a house renting service developed on a blockchain – like a decentralized AirBnB. If this type of system is put in place, it would ensure that the energy and water resources around the world are managed he right way and not depleted at a faster rate. 

Another potential use of blockchain is the ownership of lands on a blockchain network to achieving sustainable cities and communities controlled and managed by blockchain technology. This type of system would allow users to have easy access to all kind of services in a community and access to their property without any risk of facing fraud. The fraud problem is a major one faced by land owners in Asian countries. 

India has taken an initiative to ensure that the problem of land ownership fraud is dealt with totally. India's land ownership system is apparently fraught with fraud — so one state is exploring the application of blockchain technology to make it more transparent.

The government of Andhra Pradesh has partnered with Swedish start-up ChromaWay to build its blockchain-based solution. 

As we can see by those real life applications, we should be seeing blockchain technology not only as a way to improve security in payments, but to give them uses that make our society connect within their own communities and improve their quality of life.