Blockchain technology has become the center of conversation for a long time; it helped build the cryptocurrency and also helps organizations implement many basic day-to-day operations. Blockchain was introduced to the market in 2008 and since then its best spin-off is the digital currency that is doing wonders in the world of investment and finance. Also, when companies and multinationals realized the true potential of the blockchain mechanism, they were impressed by its decentralized and secure system. They have improvised its core functions and implemented the blockchain system in it. Here you can get complete information about buying digital coins from an exchange platform.
However, if we look at blockchain technology, it will not only help corporations or individuals earn through their Bitcoin investments. It has a greater purpose that contributes to its betterment and the betterment of the world. Many people are using blockchain for the welfare of their work, and many of them are finding ways to use blockchain to improve the world. Briefly below are some of how blockchain is for social welfare.
- Increased clean energy
After looking at the adverse climate condition, people are now becoming more aware of the environment. they are switching to energy alternatives to control climate change. However, in many places, electricity providers do not even provide green energy. Also, if they provide green energy, it is very expensive and ordinary people cannot incorporate it into their daily lives. So, this is where blockchain technology comes to the rescue. It can help you save the environment.
Blockchain facilitates traceable, transparent and peer-to-peer transactions that empower people to take care of their payments securely without any third party involved in their transaction. So to create a green energy grid, people can use blockchain payments. They can bypass both the centralized network and the credit companies and create their own community micro-networks. Many places have already adopted this concept, such as Brooklyn and neighboring states. This is one of the ways blockchain is great for social welfare as it improves clean energy.
- Support for good causes
As the popularity of cryptocurrency grows, many companies use its popularity to give many green projects. Cryptocurrency has become so popular among the masses because its network is secure and completely transparent, leading organizations to take advantage of it and other similar methods in their charitable programs.
Some companies are using the popularity of cryptocurrency to help with environmental projects.
One such example is the Clean water coin, an online wallet that can easily store many computer currencies. The company works for a cause and therefore donates one-tenth of a percent of every transfer that is used through the software to the clean water initiative. The bitcoins collected are used to provide fresh drinking water to the people of Kenya. And therefore it works for a great cause and even here blockchain is the hero of this system.
- Medical reforms
Blockchain has managed to penetrate almost every industry sector. However, it was able to help the pharmaceutical sector the most. This has helped relevant authorities to track drugs such as vaccines. Since the outbreak of COVID 19, the importance of medicines and vaccines has greatly increased, as these resources are largely scarce.
Many companies have helped track these vaccines and drugs as they are transported to specific locations. Blockchain technology records the information about drugs as they are shipped, and this data is then shared across different databases. When shared, it is now under the watch of many concerned people who will ensure that medicines and vaccines reach hospitals and patients on time and in the right conditions. Therefore, blockchain is of great benefit to almost every industry and its function helps people to perform cire functions with ease.