In this down-to-earth piece, Sagar Tandon, Head of Innovation at Faiā, shares his thoughts on how blockchain could be leveraged for "social good."
Everyone who thinks or reads about Bitcoin/cryptocurrency often has a very extreme stance on it. I will suggest - hold on to your extreme emotions.
I do some trading here and there, and the reason I do it is to analyze blockchain-based businesses. It gives me a sense of what kind of technology businesses are building to leverage blockchain. For example, a lot of companies are working on IoT (Internet of Things) to leverage blockchain, but few have even done Proof of Concepts (PoCs) and are now doing partnerships.
"If you are trading in Bitcoin, you may very well not care, since your time horizon may be in minutes and hours, not weeks, months or years. If you have a longer-term interest in Bitcoin, though, your focus should be less on the noise of day-to-day price movements and more on advancements on its use as a currency. Note also that you could be a pessimist on Bitcoin and other cryptocurrencies but be an optimist about the underlying technology, especially blockchain, and its potential for disruption."
I personally believe blockchain is here to stay, whether we like it or not. Why be afraid of it? I think it's high time we use the power of blockchain to build technologies that improve efficiency across various businesses and reduce noise, inaccuracies or imprecision.
I am excited to see its implementation in the development/social sector, the first company that I came across was Impak Finance, which is still one of the most interesting in the impact investment world. Their goal is to bridge the gap between impact companies, investors, and citizens, by reinventing how his/her daily spending can be a catalyst for change. When I read their whitepaper, I was pretty sure this sector would see various implementations of blockchain.
Some other interesting projects that caught my attention included:
alice.si, a platform that brings transparency to social funding through blockchain technology.
IXO Foundation, working to optimize impact delivery by ensuring data transparency, accountability, and security.
AID: Tech, building capacity of governments, corporates, charities & NGOs, it is about systematically transforming how they can better serve their end-users.
Let's embrace blockchain as an emerging technology. In simple terms, blockchain helps democratize value - similar to the internet, which helps democratize knowledge and information.
There are some really good resources to learn more about blockchain and its applications in the social impact space, some of which I collected below:
At Faiā, we're working with growth-stage companies looking to solve legitimate, real-world problems through blockchain technology. We provide comprehensive Bitcoin (BSV) technical consulting services, which is used to help inform, teach or direct technical teams on how to implement one of the most scalable blockchains in the market: Bitcoin (BSV). These initiatives can help improve everything from the competitiveness of mining operations to implementing solutions for a tokenized future, and to building use cases for large scale social impact.
Apart from technical integration services, we are also planning to work with various blockchain ventures on impact investing, business and product model strategy, so as to bring "community obsession" & "customer-centricity" to the forefront, which can help correct, clarify, and simplify fundraising, business models and strategies. This is to leverage the right approach of building a scalable venture so that it can outlast any speculative hype of the crypto industry.