Tech experts have found blockchain use cases in banking and financial markets, supply chains, health care, government, elections, and, in essence, the distributed ledger technology could revolutionise the world economy. The social impact of blockchain is already making waves across various sectors of society despite being at its very early stages of development, growth, and adoption.
In a 2018 82-page study, Stanford University concluded that blockchain could provide incremental (65% of initiatives) or transformative solutions (25% of initiatives) for people solving the world’s toughest challenges. “We are already starting to see an impact in sectors like democracy and governance,” it states.
“Blockchain brings the potential to instil trust between multiple parties, reduce costs, increase efficiency, and improve security,” says the report. “Blockchain can bring exciting solutions to those who focus on the benefits. The most common challenges of blockchain are payments, money transfers, and record and identity verification. Blockchain can enable solutions that otherwise would not be possible.”
Blockchain for Social Impact Coalition (BSIC) Executive Director Vanessa Grellet said that thanks to blockchain, “this is one of the most inspiring eras that we’re living in with this technology.” She also highlighted that financial inclusion is one of the top promises blockchain brings today. But, she said, “it’s not just a promise; people are doing amazing things on the ground and finding amazing solutions to help alleviate poverty.”
The BSIC focuses its efforts on the impact the technology can have on financial inclusion, human rights, health and wellness, education, energy, and the environment, identity, and vulnerable populations. The BSIC is a non-profit organisation that incubates, develops, and collaborates across the United Nation’s Sustainable Development Goals.
Debating the social impact of blockchain
ETN-Network Founder and CEO Richard Ells will address the Blockchain for Europe Summit 2021 alongside three other prominent blockchain experts and debate “The social impact of blockchain on a global scale – how the technology is affecting humanity.”
Mr. Ells has been invited to share the virtual stage this 9 June at 14:50 UK time (GMT+1) with Manmeet Singh, Blockchain for Europe Vice-Chair and Blockseed Ventures Managing Partner. Also with Cecilia Chapiro, UNICEF Investment Advisor. Anca Bogdana Rusu, cLabs Head of Partnerships, Policy, and Advocacy, will moderate.
The event kicks off 8 June at 10:00 am UK time (GMT+1) with a keynote speech followed by a panel debate entitled “A Digital Euro – why we will need an intermediary solution.” Don’t miss your opportunity to attend by clicking here to register now.
ETN-Network’s social impact
As the head of a blockchain startup that in 2020 received City AM’s Crypto Award for Sustainability and Social Impact, Mr. Ells has experience leveraging the power of the revolutionary technology for financial inclusion.
The ETN App, which nearly 3 million users have downloaded, allows people to send, receive, transfer, purchase mobile top-ups in 160+ countries, flights and accommodation, and so much more without requiring a bank account.
ETN-Network’s sister business, the global freelance website, the AnyTask™ Platform, enables online freelancers to earn ETN even if they do not have a bank account. AnyTask.com does not charge online freelancers any fees or commissions and they get paid shortly after the Buyer of their Tasks approves their work.
The ETN-Network also introduced the new blockchain protocol Proof of Responsibility (PoR). That allowed the startup to increase the network’s security, significantly reducing the energy required to mine its ETN token and handpick non-governmental organisations (NGOs) as trusted block validators.
Becoming a Blockchain for Europe member
Brussels-based Blockchain for Europe welcomed the ETN-Network as its tenth member in October 2020. Maria Minaricova, Blockchain For Europe’s Board chairperson, congratulated the ETN-Network. She said the group has high expectations for the ETN-Network as a member, “given its record as a well-established company led by a highly professional team with a goal of financial inclusion that has caught the attention of many crypto and blockchain experts around the world.”
Mr. Ells explained the importance of the membership, saying it will help further enhance his team’s leadership role in the UK and the European Union.
“Our addition to Blockchain for Europe is an incredibly important development as it places us on the leading edge of regulatory discussions across Europe,” he said. “We join the likes of Ripple, Binance, and Cardano, just to name a few, in lobbying the European Union on the implementation of blockchain in current and future legislation.”