Ways in which Crypto is Being Used for Solving Current Societal Issues
Ask anyone on the street about crypto, and they are more likely to comment upon its meteoric value.
Regardless of people’s status or profession, most still lie in the ignorance circle to what cryptos can bring and how they can be utilized in our lives. And yes, that’s applicable even to the environment.
With people realizing the potential of technology that lies in the heart of these assets, controversial debates have also emerged surrounding the application of blockchain in making the planet a better place.
Many people associate the Blockchain solely with crypto transactions; blockchain technology can enable automated governance, like automatically allowing individuals with solar panels to sell electricity to neighbors. Nevertheless, the technology is still in its early stage. And much like cyberspace, it’s expected to see an explosion over time.
As a supporter of crypto, it’s crucial to have a basic grasp of how cryptocurrencies and blockchain as tools aspire to create positive impacts on the world.
So here are some of the ways in which they can prove to be an important factor for change.
Benefits to Governance and Democracy
The time has come for governments and civil society to admit that considering the power of fiat currencies, it’s hard to imagine the impact cryptos could bring to the nation — mainly in an unstable economy. Perhaps one such immediate recollection is Weimar Germany; the thing is, multiple nations today are experiencing similar disasters.
Another exciting application is peer-to-peer voting. There are already many blockchain apps that are considered to be key enablers of “liquid democracy.”
The forward-thinking developers of such apps see blockchain as the opportunity to form another kind of global governance that surpasses borders and establishes democracy in the true sense. And these hopeful ideals are already on its way to the establishment through a blockchain-based polity, Bitnation.
The environmental arena currently sees crypto as a subject of intensive-energy algorithm work.
However, with such a forefront issue, startups are embracing renewable technologies as the approach to generating energy. As concerned with energy-efficient mining, the SeaFoam team has taken charge along with BotPlus to address this global problem. Tackling the cause with the installation of Mobile Mining rings on deserted reserves is not only an effective alternative to mining but also for the energy sector.
In another instance, toil is underway for building a transparent worldwide database on coral reefs. This aims to add the knowledge scientists might need to protect corals from future harm. Unlike standards database, this aspires to be secure and not regulated by intermediates.
Without being swept away by the prevailing hype, experts believe that NGOs or philanthropies may be seen leveraging blockchain’s potential to shape their fields. These may include the points mentioned above or new ways emerging in the future.
We are already witnessing the significant investment of resources in cryptos and blockchain by multiple organizations, including UNICEF, the Bill & Melinda Gates Foundation and a combination of further attraction by the key players is guaranteed to drive further innovation and development among the sectors.
If you too see the potential of crypto and believe the Blockchain can create a better future for us all, there’s no better time to start your crypto journey. Your Friendly Crypto Exchange is here to offer you the best tools and information to begin. Register on IXFI today.