The world of business is evolving along with society and technology. Now, more than ever, society is more interconnected than ever before. The internet has brought us together and allowed for new kinds of businesses to flourish and improve the financial, social and environmental well-being of the world. But what’s next for businesses interested in promoting a social impact? How can they improve and better serve the causes they were built for? Well, there’s a variety of ways they could improve. Social Enterprises for example, could be more honest and transparent with their business operations. They could be more efficient and organized, allowing for financials to be spent where needed. These are the key aspects of social enterprise that must be improved upon, and the implementation of blockchain technology has the power to achieve them.
The power of the blockchain can revolutionize all kinds of companies interested in promoting social impact and bring them to the next level. As the blockchain is an immutable, public and decentralized ledger, it can be used for absolute transparency among the financials and operations of these new companies.
People will be able to verify who or where exactly their money or aid is being distributed too. If these types of organizations are run on the blockchain, there will be complete honesty and transparency. No more will CEOs and the middlemen of giant companies branding themselves as promoting social good. Will be able to pocket substantial amounts of money.
Another benefit of blockchain tech is the speed, efficiency, and identification capabilities it presents. For instance, the blockchain can efficiently and reliably coordinate, send and organize complex pieces of data so organizations can cut various processes and do them more efficiently.
3 examples of startups using blockchain to promote social impact are Civic, Giveth and Digits.
1.Civic- Secure Identity Ecosystem
The company and blockchain project known as Civic is giving businesses and individuals the tools to protect and control identities. Identification information such as passport information, social security number, birth certificate, banking information, and so, can be securely stored on Civics blockchain. The blockchain ensures that the information is trusted, secured and unique to the individual. By utilizing the blockchain in this social enterprise, storing, managing and accessing your identity becomes efficient, honest and secure.
2.Giveth- Building the Future of Giving
The Giveth project is a powerful project with the best of intentions, made possible only with blockchain technology. What Giveth does, is it allows people to give to causes they believe in, in an effective and transparent way using the blockchain. All donations are stored on the immutable Ethereum blockchain so that you can follow, in real-time, who receives your donations and why. Projects like this are going to change the way charitable social enterprises operate forever.
3. Digits- The Future of Crypto Payments:
The Digits project is a revolutionary breakthrough in the cryptocurrency payments ecosystem. For the first time ever, Digits allows consumers to use their credit or debit card as they normally would for payments made with crypto instead fiat currency. Finally, there will be an easy solution to spending crypto in which everyone can use. Along with cryptocurrencies, Digits has the potential to bank the unbanked and make the world a better place through the power of blockchain technology.
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