Introduction: Blockchain’s social revolution 

Blockchain Technology: We are sure that these two words are embedded in the minds of the majority of the population. 

Quite ironically, only a limited percentage of the population knows what blockchain is actually about, not just its relevance to cryptocurrencies. Alongside revolutionizing the world with intangible assets, BC resolves multiple high-security risks and aids multiple businesses. Blockchain technology in healthcare, finance, and supply chain management are classical examples of the diverse potential of blockchain implementation. 

Additionally, blockchain possesses the power to address abundant social problems and bring relief to social communities. 

The subtle birth of blockchain technology

Blockchain was born alongside the invention of Bitcoin, the first and most valuable cryptocurrency to date. The mystery is that no one knows who the creator of the revolutionizing technology is. 

Bitcoin was launched under the pseudonym Satoshi Nakamoto, a programmer or a group of programmers, in 2009. 

The main objective for the creation of Bitcoin was for it to be used as an alternative source of transactions in place of fiat money. To elaborate, fiat money is government-issued money, such as the such as the dollar, rupee, etc. The main drawback of fiat money is the direct involvement of central authorities that hold the power to manipulate its value. 

There are other flaws, including inefficient transfers, high exchange fees, and inflation. 

Hence, a secure, publicly decentralized ledger technology that permanently stores every transaction was created for the transaction of the cryptocurrency bitcoin. 

Ever since its launch, blockchain has evolved and is now being employed in multiple sectors to support diverse functions. 

The current involvement of blockchain in e-commerce 

Being a publicly distributed ledger technology that offers supreme security and absolute transparency, blockchain can be molded and redefined to serve many needs. 

Each transaction is recorded and verified by all the custodian nodes and then added as a block. This is also called mining. 

Being a technology with no central authority, blockchain enables decentralized marketplaces where buyers and sellers can make transactions without the involvement of middlemen, banks, or any processing fees. 

Another primary benefit that blockchain adds to the e-commerce ecosystem is the feature of increased security with cryptography. 

With high levels of transparency and lower transaction costs, BC is a viable platform for transactions on the global market, which is generally susceptible to fraud and higher processing costs. 

Blockchain's Impact on Sustainable Development Goals

As part of the social impact, features of blockchain can be utilized strategically to promote sustainable developments. 

The apparent feature of blockchain technology is that it can be implemented to create systems that influence and support sustainable development activities. 

To state a few efforts made, 

1. Carbon Credits: Carbon credits are certificates that are provided for the validation of the reduction of greenhouse gas emissions and are traded in the market. But with fragile security, carbon credits are often manipulated and are receptive to human errors. BC can strengthen the security of the whole system, provide absolute transparency, and also reduce any intermediates in trading. 

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2. Blockchain can support multiple sustainable efforts, like peer-to-peer energy trading, promoting renewable energy adoption, and reducing reliance on centralized power grids. This initiative makes it possible for humans to create, share, and store renewable energy that is made from solar or any other source without the involvement of a central authority. Power Ledger is a platform created for the sole purpose of renewable energy preservation.

3. The World Food Program (WFP has implemented a blockchain-based system that uses the biometric system to redeem food vouchers for refugees. This system eliminates the need for cash and cards and the risk of fraud while maintaining the dignity of the refugees. WFP can monitor the food distribution and maintain its SCM. 

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Not limited to the above, initiatives BC is employed in hundreds of other sustainable developments and provides relief in future endeavors of the economy and nature.

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How Blockchain Bridges Gaps in Social Impact

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In current times, millions of people don’t have security over their personal information and even have documents to prove their own identity. There are also lots of people who succumb to financial fraud, data breaches, and restrictions on free speech. 

The first issue in solving these social issues is addressing them and employing innovative technology to empower the unheard. 

Alongside being used as a transactional medium, blockchain technology has been raised as a trusted public platform that can be freely used by individuals, businesses, and enterprises. Owing to its decentralization, transparency, security, and accountability characteristics, BC can be used to address and solve society’s problems and support social causes. 

Blockchain's Journey in Social Transformation and Empowerment 

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Blockchain’s potential transcends boundaries every single day, crossing borders and supporting new causes. Blockchains fill the flaws in traditional systems and make the system easier and more secure for social causes. 

Blockchain is a revolution that has redefined how we can store our personal information on the web, as well as the dystopian influence of central authorities. From building new organizations that transcend borders to fostering equality and ensuring identity, BC does it all through innovation. 

Among many other social transformation initiatives, one important area is funding for healthcare. By employing biotechnology, a decentralized, autonomous organization works to solve deadly diseases like cancer. The initiative enables scientists to trade their skills for new equipment or funding.

Crypto for healthcare is one of the ways in which BC gets used in the medical field. The Crypto Relief Fund came to the limelight in India during the second wave of COVID-19 to empower and provide the basic necessities of marginalized communities. Having created a positive impact, post-COVID, the organization still supports research, development, and equipment for the betterment of the human race. 

Takeaway 

Blockchain digital transformation has the potential to foster, enhance, and nourish social impact and be the voice for the needy and marginalized communities, who take the hit of any negative circumstances, with forthcoming changes in features of transparency, security, and decentralization, BC holds the baton for social empowerment. 

Realizing the full social impact of blockchain requires addressing challenges such as scalability, interoperability, and regulatory concerns. Collaborative efforts from governments, businesses, and communities are essential to reaping the benefits of blockchain technology. 

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