How blockchain is making the world a better place

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Author: Neil Cherry, Cognitive Enterprise Leader, A/NZ Global Business Services

Blockchain is more than the currency for the future. It’s a powerful tool that’s revolutionising business, enterprise and even philanthropy all over the world. Blockchain’s core strength is its ability to bring more openness, visibility and accessibility to the operations of any enterprise. It’s also a chain that can’t be broken as it needs consensus from all members of the network to validate each transaction, and all validated transactions are permanently recorded on the blockchain. No one can delete them – not even system administrators. That’s why groups everywhere, from businesses and governments to charities and NGOs have been rushing to embrace the technology.

But how can such a powerful tool be used for the betterment of humanity? Well, these not-for-profits, in partnership with IBM have embraced the technology hoping to change the world one block at a time.

Farmer Connect

The global coffee trade has been long plagued with humanitarian concerns, issues that can only be solved with greater accountability to the entire process. That’s where Farmer Connect, backed by IBM blockchain, comes in. It allows the entire journey of a coffee bean, from the ground all the way to the cup, to be more transparent. With a digital record, everyone involved can see the path and with complete visibility, they can know whether the coffee was sourced sustainably. Blockchain acts as a single view of truth, because the technology creates a distributed, shared system of record among network members that eliminates the need for any disagreements.

Plastic Bank

Plastic pollution in the ocean is a dire problem for the whole world. Plastic Bank recognised the threat, and discovered there was an opportunity to stop the spread at the source. Backed by blockchain and IBM Cloud, Plastic Bank incentivises the largest contributors of ocean plastic to reconsider its value, turning what was once waste into a currency. Plastic Bank’s entire financial operation is underpinned by blockchain. This means communities who benefit from Plastic Bank’s money most, can now access it faster and importantly know their payments are safe. This is because the network requires permissioned participation. Each member of the network must have access privileges to participate, which keeps out bad actors – all the while keeping the oceans cleaner.

These are just a couple of examples of how blockchain is advancing humanitarian initiatives. All over the world, the tech is being put to innovative and effective use, from microfinancing small businesses in Kenya to helping the Responsible Sourcing Blockchain Network.

Powered by IBM, blockchain can be a tool for good, and its humanitarian efforts are only just getting started.