SOCIAL IMPACT OF BLOCKCHAIN TECHNOLOGY

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Introduction

The Blockchain technology which is one of the most significant technological advancement and innovation developed and created in the world of digital currency, which was initially created to serve as the basic and fundamental structure for cryptocurrencies, to facilitate their seamless operations, it however is doing that and more.

The blockchain technology since its emergence, has being able to find its way into different, various sectors and aspects of the world and basically transforming how data is managed and shared, through its decentralized, transparent, and secure nature it has the potential to offer and fooster development and positive impacts when it comes to governance, finance, healthcare and education etc.

So therefore, join me and pay more than usual attention to this post of mine as I will be discussing and explaining some of the key, vital and significant social impacts of blockchain technology.

• Facilitates Financial Inclusion

One significant social impact of Blockchain technology is that it basically, quite literally has the potential to provide financial services to the members of the unbanked and underbanked populations of the world seeing as the remittance network or financial network it facilitates is different from the traditional banking systems.

Unlike the traditional banking systems which often do not and are unable to offer individuals access to their banking services who do not have access to banking infrastructure or adequate legal identification, the Blockchain based financial services, such as cryptocurrencies and decentralized finance (DeFi), offer a more inclusive and accessible alternative.

When using the blockchain based financial or remittance services all you need is just your smartphone and internet access, with this two things individuals can participate in across border financial transactions, send and receive payments from anyone anywhere in the world this financial inclusion can foster economic growth and as a result reduce poverty.

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• Improved Data Scurity And Privacy

Another social impact of blockchain technology is that in an age where data breaches and privacy violation has become so easily executed and rampant, making it seem like not network is safe, the blockchain however has proven that it is able to ensure and provide robust and improved solution for enhancing data security and preventing privacy violation.

The blockchain as a result of being a decentralized database is significantly able to store data and information more securely, by this I mean that data stored on the blockchain is encrypted and distributed across a network of nodes, as a result making it practically impossible for hackers to alter or steal information from the network.

Additionally, this improved security is more beneficial in certain sectors, particularly healthcare, where sensitive patient data and information needs to be securely stored and shared among only authorized personnels or parties as a result reducing the risk of a data breach and privacy violation.

• It Facilitates Environmental Sustainability

Another social impact of the blockchain technology is that it has the potential to contribute to and facilitate environmental sustainability by basically ensuring transparency and accountability when it comes to keeping immutable records of environmental initiatives and the progress so far in meeting up with them.

The blockchain can also enhance the transparency of supply chains, therby enabling consumers to make informed choices about the sustainability of the products they want to purchase, for example when it comes to energy sources they can know if the energy sources are environmentally friendly or not as a result they can make a decision that will contribute to the use of sustainable and clean energy sources.

• Empowering Content Creators

Another social impact of blockchain technology, the last for this post is that the blockchain has the ability to facilitate an innovative change in the way content creators as a whole monetize their work by practically eliminating the need for the traditional content distribution models which often takes advantage of the content creators.

Blockchain can also facilitate a way in which direct transactions can be carried out between a content creator and his or her fans or viewers no need for any kind of organization to serve as intermediaries seeing as they have the blockchain's immutable ledger to provide proof of ownership and protect intellectual property rights.

The Steemit platform is one that is already using and taking advantage of the blockchain in this way, for the purpose of empowering content creators, ensuring they receive fair compensation for their work and full control over their intellectual properties or creation.

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Conclusion

To round it all up, I will start by saying some of the significant and key blockchain technology impact socially has been clearly explained in the above paragraphs of this post and they include; facilitating environmental sustainability, empowering content creators, facilitating financial inclusion and improving data security and privacy.