Forex-News has been the world leading economy news website since 2005. It has been a joyful path full of changing variables in this changing world. During the last three years we have also covered some of the most important news regarding Bitcoin and other cryptocurrencies. Wherever the news are, we are there.
Ethereum Classic

What do we know about Blockchain and its social impact? The experts respond


Again, in the framework of the European Blockchain Conference we found some quite interesting discussions. This time we bring you a summary of what was the panel “Building blockchain applications in a context of social impact.”

This panel included the participation of Katerina Trajchevska (CEO of Adeva), Maria Rosaria Ceccarelli (Economic Commission for Europe, United Nations), Genevieve Leveille (CEO of Agriledger) and Virginia Cram (CEO of Tringularity).

, What do we know about Blockchain and its social impact? The experts respond, Forex-News, Forex-News
The potential of blockchain technology to have social impact in the world is hardly explored at this time. However, the experts who participated in the panel of the European Blockchain Conference commented on some cases in which it is already being used for these purposes.

Blockchain for a social impact

Overall, it is very nice to see how we can apply blockchain technology in a more impactful way to have a greater social impact. Given this, Virginia explained that she supports “the use of e-commerce innovation and commerce for development.”

, What do we know about Blockchain and its social impact? The experts respond, Forex-News, Forex-News

Later, the expert added that she has been working with the UN for 24 years. “I was responsible for the facilitation of global trade in information technology, innovation and public-private partnerships”.

He then explained that he is currently supporting a United Nations project on the textile production chain, which is in its proof-of-concept phase. Specifically, they work with organic cotton from Egypt.

Meanwhile, Genevieve Leveille, who is CEO of AgriLedger explained that she works to make “a blockchain solution that seeks to empower small producers to give them access to the market and also to financial services”. Leveille stressed that the project officially started with its pilot in Haiti.

Specifically, he mentioned that he started in May of this year with the avocado and mango production sector in Haiti. “We have been working with the government of Haiti and also the World Bank in applying what would be a blockchain solution, to really see how to create a better interaction between markets and farmers.”He commented.

In that sense, he stressed that the most important thing is to develop improvements in the rewards of farmers throughout the process of the production chain through the use of blockchain. However, we invite you to review our next publications to find more details about it.

What aspects need to be improved?

The CEO of AgriLedger commented that many times in public administration: “They don’t trust each other. They do not trust the data, or do not have a system in which they can access the data and ensure that it is updated”.

The Inter-American Development Bank has an interesting project between several Latin American countries in which they are sharing data on what are called economic operators. These are authorized in order to give mutual recognition among the countries of the region.

Similarly, the speakers agreed that the next pending issue is traceability.

I think you have to be able to track where a particular Bitcoin has been for its entire life. But, you can also do the same with the goods or with other information that is registered in a blockchain, not just a cryptocurrency and this can be used to prove the origin of the goods”, Explained the expert.

He then added that this may one day replace certificates of origin and trade. Internet of Things devices are already being used for tracking, and can continue to improve in this regard.

Case studies on the use of blockchain for social impact projects

Although the panel revolved around this topic, one of the most prominent examples was the use of blockchain in the sector of expensive pharmaceuticals and vaccines. This is important considering the context of the pandemic today.

In that sense, they talked about vaccines. Specifically, they discussed the fact that these have to be kept within certain temperatures, and how the use of blockchain could help ensure that those vaccines are kept in the right conditions. With regard to vaccines, it is quite relevant that the cold chain is not broken.

Thus “everyone has to play together, and now there is a certain transparency, and it is an open source solution”. In this way, international organizations can have visibility of what is happening.

The possibility of using smart contracts that run automatically once you have established them on a blockchain was also mentioned. The panelists discussed how these can be used to provide services to the poor.

Using blockchain, we can also monitor the supply chain and see where we can reuse. Starting with the field, until reaching the final product, it seeks to promote responsible production. Likewise, by applying blockchain, information could be kept clear until reaching the final consumer, who could in theory make more informed choices.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More