{"id":5975,"date":"2017-10-22T19:37:05","date_gmt":"2017-10-22T14:07:05","guid":{"rendered":"http:\/\/www.allerin.com\/blog\/?p=5975"},"modified":"2017-10-21T12:32:33","modified_gmt":"2017-10-21T07:02:33","slug":"blockchain-for-social-good","status":"publish","type":"post","link":"https:\/\/www.allerin.com\/blog\/blockchain-for-social-good\/","title":{"rendered":"Blockchain for social good"},"content":{"rendered":"<p><a href=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6111\" src=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good-1.jpg\" alt=\"\" width=\"770\" height=\"513\" srcset=\"https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good-1.jpg 770w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good-1-300x200.jpg 300w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good-1-768x512.jpg 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/a><\/p>\n<p>To use blockchain for social good means to revolutionize the relationship between donors, recipients, and charities. The ability to transfer funds directly to recipients and organizations, using a distributed ledger that tracks transactions, will fundamentally change the way we participate in charitable endeavors. Philanthropists from the U.S alone donated more than <a href=\"http:\/\/www.washingtontimes.com\/news\/2016\/aug\/16\/black-lives-matter-cashes-100-million-liberal-foun\/\" target=\"_blank\" rel=\"noopener\">$100 million dollars for social good in 2016<\/a>. But these numbers would only make a difference if we ensure they add up to the right causes.<\/p>\n<p><a href=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6099 size-full\" src=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good.jpg\" alt=\"\" width=\"800\" height=\"712\" srcset=\"https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good.jpg 800w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good-300x267.jpg 300w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good-768x684.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><\/p>\n<h1>Blockchain for social good: benefits<\/h1>\n<p>Blockchain helps eliminate chances for fraud and financial leakage, encouraging philanthropic individuals to donate more generously. People want to help other people. All they need is the confidence that their resources are reaching the intended audience. High overhead, lack of accountability, middlemen, and administration fee are some of the known obstacles on the path to social good. Here\u2019s how blockchain may help.<\/p>\n<h6><\/h6>\n<ul>\n<li><strong>Reduced transaction cost<\/strong><\/li>\n<\/ul>\n<h6><\/h6>\n<p>Blockchain technology is decentralized. It isn\u2019t owned by an individual person or organization, but rather shared between users. There is no need for a middleman and the <a href=\"https:\/\/www.allerin.com\/blog\/blockchain-enabled-smart-contracts-all-you-need-to-know\" target=\"_blank\" rel=\"noopener\">blockchain ecosystem thrives on \u2018smart contracts\u2019<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Increased transparency<\/strong><\/li>\n<\/ul>\n<h6><\/h6>\n<p>Transparency is blockchain\u2019s inherent nature. Any user, registered on a particular blockchain, can see exactly who owns what at any given time, and who\u2019s given what to whom. Besides, cryptocurrencies, used for financial transactions over blockchain, are non-fungible. This means that donors can track their donation right through charity and out the other side.<\/p>\n<h6><\/h6>\n<ul>\n<li><strong>Enhanced trust<\/strong><\/li>\n<\/ul>\n<h6><\/h6>\n<p>Blockchain redefines trust in business \u2013 unknown parties trading high-value assets. Definitely sounds paradoxical, but blockchain makes it a reality. This it does by combining the openness of the Internet with secure cryptography. It gives everyone on the blockchain the ability to keep track and verify information. Moreover, it\u2019s a write-once and read-anytime database that isn\u2019t under the control of any central authority, making this platform extremely secure.<\/p>\n<h1>Blockchain for social good: future<\/h1>\n<p>Blockchain, in the coming years, can change a lot in the field of philanthropy. One way it will do this is by establishing direct models of giving, eliminating the need for any degree of centralization whatsoever. In fact, widespread adoption of cryptocurrency would help adopt such a model on large scale. The other <a href=\"http:\/\/www.allenovery.com\/SiteCollectionDocuments\/Article%20Decentralized%20Autonomous%20Organizations.pdf\" target=\"_blank\" rel=\"noopener\">change is in the structure of charitable organizations<\/a>, making them Decentralized Autonomous Organizations (DAO). DAOs based on blockchain technology would essentially be a collection of smart contracts, governing the interactions of individuals who are members of a DAO. A form of consensus, such as simple majority or weighted average, can establish joint decision-making. DAOs will allow the existing co-operative structures to scale up indefinitely, without the need for centralization.<\/p>\n<h6><\/h6>\n<p>If individuals and organizations with a charitable mindset are able to harness even a fraction of blockchain\u2019s potential, the way we address environmental d social issues will be transformed drastically. However, NGOs and charities will still play a crucial role in overseeing the ethics of blockchain in social good. This will ensure there are no unintended consequences of operating a technology of massive potential on such a large scale.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To use blockchain for social good means to revolutionize the relationship between donors, recipients, and charities. The ability to transfer funds directly to recipients and organizations, using a distributed ledger&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[171,3],"tags":[455],"class_list":["post-5975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-technology","tag-blockchain-for-social-good"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Blockchain for social good | IoT | Artificial Intelligence |<\/title>\n<meta name=\"description\" content=\"Blockchain for social good is creating a new model for charities and impacting philanthropy and the civil society, IoT and Big Data\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.allerin.com\/blog\/blockchain-for-social-good\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain for social good\" \/>\n<meta property=\"og:description\" content=\"To use blockchain for social good means to revolutionize the relationship between donors, recipients, and charities. The ability to transfer funds\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.allerin.com\/blog\/blockchain-for-social-good\/\" \/>\n<meta property=\"og:site_name\" content=\"Artificial Intelligence, ROBOTICS, AUTOMATION\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/allerintech\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-22T14:07:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/10\/Blockchain-for-social-good-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"513\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Naveen Joshi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@joshinav\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta 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