Like any new tool, blockchain technology has the potential to improve people’s lives. We can use this technology’s combination of immutability, transparency, and encryption to remedy existing inequalities.
This is a bold claim—how can it actually be done? Although you may not see many headlines about it, real-world examples are already being deployed:
Andytown Coffee, a local roaster in San Francisco, is partnering with a coffee producer in Honduras to use blockchain technology to improve earnings for pickers, including developing an emergency fund for these vulnerable workers.
Levi Strauss & Company developed a blockchain project to measure the well-being of its workers around the world.
New York’s state legislature is debating a bill to establish an “Inclusive Value Ledger,” a blockchain-based digital debit-credit ledger system that aims to “fills all the gaps left by dollar-scarcity in presently overlooked regions and sectors of New York and its economy.”
There is no shortage of innovative ideas. But to do these things, we must move past the narrative that blockchain technology is used only for crypto scams or get-rich-quick schemes. This erroneous narrative is influencing law and regulation that may hinder the development of socially good projects before they can advance. To prevent this, lawmakers and regulators should understand how blockchain technology can encompass socially beneficial projects.
This concept lies at the heart of the new Blockchain Law for Social Good Center: Changing the legal landscape around blockchain technology and amplifying examples of those who are harnessing this technology for the power of good.
Join us as we move blockchain’s compass toward a direction that will benefit everyone!