Over the past few years, cryptocurrency and blockchain technology has burst into the mainstream on many levels. Much the same can be said for social entrepreneurship and impact investing.
The social impact economy is real and it is absolutely coming.
The question then becomes, what will power this potential trillion dollar economy?
The simple answer is blockchain technology and cryptocurrencies, but as of now only 0.5 percent of the world’s population is using blockchain, while more than 50 percent of the population has access to the Internet.
The low usage of crypto and blockchain technology is a normal trend for a distributive technology, but when disruption truly occurs it will happen quickly and on a mass scale.
Currently there is an estimated 24 million active Bitcoin wallets around the world. In comparison there is an estimated 3.2 billion people active on the internet.
In December of 1995 the internet was starting to spread, but still it only had 16 million users(0.4% of the population). In December of 2005, ten years later, the internet had over one billion users!
Can blockchain technology have this robust growth over the next decade?
As blockchain technology matures more and more; companies, investors, and organizations will begin to implement new and creative ways to use it.
This is already happening, but as we saw the robust growth of the internet over just a ten year span, we could be on the cusp of seeing that with blockchain technology and digital currencies around the world.
The developing world in most respects are way ahead of the developed world when it comes to implementing blockchain technology and cryptocurrencies.
There is an estimated 2 billion working-age adults globally (38%) that do not use or have access to formal financial services.
Blockchain technology is creating a flexible and robust financial system for the developing world, skipping the large financial institution banking model all together.
For more on this particular subject please read this great post from CoinCentral: How Blockchain Can Eradicate Poverty in Third-World Countries
What is Blockchain Technology?
Blockchain technology is a digital ledger that provides a secure way of storing data and tracking transactions. It is used to create and manage digital assets, such as cryptocurrencies.
Blockchain technology is a digital ledger that provides a secure way of storing data and tracking transactions. It is used to create and manage digital assets, such as cryptocurrencies.
Blockchain is a distributed database that is used to record transactions and store data in a secure and tamper-proof way.
The data is stored in blocks, and each block is chained to the previous block, forming a blockchain. Blockchain technology is used to create and manage digital assets, such as cryptocurrencies.
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units.
Below are already some amazing ventures looking at blockchain technology as a true path to connecting the world through social impact and being transparent in doing so.
As the world becomes more and more integrated into the internets eco-system, more and more will soon be integrated into the blockchain technology and create a more efficient world.
Crypto Climate Accord
Surging demand for cryptocurrencies and accelerating adoption of blockchain-based solutions have highlighted an important issue: the technology’s growing energy consumption and its impact on our climate.
Crypto Climate Accord is working collaboratively with the crypto and blockchain industry to accelerate the development of digital #ProofOfGreen solutions and set a new standard for other industries to follow.
Inspired by the Paris Climate Agreement, the CCA is a private sector-led initiative for the entire crypto community focused on decarbonizing the cryptocurrency and blockchain industry in record time.
Blockchain for Social Impact Coalition
Blockchain for Social Impact Coalition (BSIC) incubates, develops, and implements confederated blockchain products and solutions that can address social and environmental challenges across the United Nation’s Sustainable Development Goals.
The coalition aims to inspire, federate, and create bridges between NGO’s, and government agencies, foundations, impact investors, philanthropists and technologists.
The Blockchain for Social Impact Coalition is an initiative of ConsenSys.
Vera
Vera is a simple way for businesses to offset their plastic footprint. By becoming Vera-Certified, you’ll help create new jobs for people who collect ocean-bound plastic.
You’ll not only alleviate poverty, but also ensure that plastic never ends up in our oceans!
The best part about Vera, is that everything is transacted through the blockchain, which creates a traceable, auditable supply chain that guarantees our promise.
Join Vera’s collective who already offset more than 40,000 plastic bottles every month!
Regen Network
Regen Network’s infrastructure originates digital carbon assets in the Interchain economy, unlocking web3 regenerative finance. The network creates tools to help reverse climate change with digital carbon and regenerate ecosystems.
Regen Network’s blockchain-based marketplace creates a new contracting platform for farmers to monetize their ecological data while getting rewarded for sustainable practices.
By improving understanding of the state of our land, oceans, and watersheds and enabling rewards for verified positive changes, Regen Network catalyzes the regeneration of our ecosystems.
GiveCrypto
GiveCrypto is a nonprofit created by Brian Armstrong, the founder of Coinbase, to distribute cryptocurrency to people living in poverty. By using crypto and blockchain technologies, the organization put funds directly in the hands of individuals living in difficult circumstances around the world.
- Direct crypto payments to individuals living in refugee camps where currencies are forbidden inside the camps
- Direct crypto payments to women living with domestic violence issues and no financial means to leave their abuser
- Helping local merchants accept crypto payments
- Helping impoverished individuals set up crypto wallets
- Delivery simple financial services to individuals left behind by traditional banking systems
According to Groundswell, there is substantial evidence that unconditional cash transfers are an effective way to help people. Distributing crypto is similar to transferring other forms of money to people.
The organization expects many recipients will find ways to convert the crypto into their local currency.
Some may transact crypto-to-crypto as well. It may also help spark economic growth by giving access to property rights and financial services on an open network.
A great deal of work needs to be done to test these hypotheses and see what it most effective.
The mission is to financially empower individuals by distributing cryptocurrency to those most in need.
GiveCrypto connects donors and recipients anywhere in the world. Over the past three years, they’ve impacted the lives of thousands of individuals and their families via direct crypto transfers.
Over one billion people have a smartphone but don’t have access to basic financial services
Nano Foundation
The Nano Foundation empowers individuals with the most efficient and accessible digital money possible, connecting them to the global economy in a sustainable way.
To achieve our mission we focus on strengthening, supporting and spreading awareness of the Nano network.
Nano provides open access to anyone in the world wanting to transfer value instantly, without fees and in an eco-friendly way.
Alongside other organizations, businesses and advocates, we encourage the growth of the secure and decentralized network through various activities including:
Toucan Protocol
The Toucan protocol is a suite of modular tools and products that make it easy for others to integrate climate finance into web3 products.
They are an infrastructure provider built to bring environmental assets on-chain – starting with carbon credits – and making them more easily accessible for markets and builders.
Bridge – Bring your legacy carbon credits on-chain making them composable with almost every DeFi protocol.
Pool – Deposit tokenized carbon offsets into index pools: deeper liquidity, better price discovery, more composability.
Offset – Buy tokenized carbon offsets to make your on- chain activity verifiably planet positive.
Akcoin
AKoin is a new cryptocurrency from visionary changemaker Akon and is the foundation of the AKoin Ecosystem.
The unique global project that offers an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion for youth entrepreneurs by allowing consumers to buy, hold, and spend cryptocurrency right from their smartphone through a suite of blockchain-powered apps.
Created by Grammy-nominated, multi-platinum selling artist, producer, entrepreneur, and philanthropist Akon, who successfully founded and grew Akon Lighting Africa to provide scaled solar power solutions throughout 18 countries to date in Africa.
The AKoin Ecosystem’s exclusive suite of sustainability and growth-building crypto-based apps offer immediate and ongoing new revenue generating opportunities to stimulate micro-exchanges and financial stability.
Plastic Bank
Using blockchain technology, the Plastic Bank offers a secure and transparent way to monetize ocean-bound plastic with a dual mission of protecting the environment, and banking the unbanked in some of the world’s poorest regions.
The Plastic Bank helps build recycling infrastructure in the world’s poorest countries, such as Haiti, and addresses the inefficiencies of existing informal systems in highly urbanized areas such as Sao Paulo in Brazil or Manila in the Philippines.
Collection centers are built in close consultation with local communities, and are run by local entrepreneurs to ensure that the operations are self-sufficient and sustainable on the long run – people living below the poverty line are offered a stable source of employment, often earning twice their regular income as a result.
Global Income Coin(Glo)
Glo is a nonprofit that thinks and operates like a startup. Glo has raised a $2 million seed donation from a personal donation by Sid Sijbrandij (co-founder and CEO of GitLab Inc.). Their operational costs and employee salaries run on philanthropic donations.
Glo is a US dollar-pegged stablecoin that not only gives back to those in need, but also allows you to put your money where it matters most: directly into the hands of impoverished people around the world.
Simply by owning money in the form of Glo, you generate new money which then goes to people living in extreme poverty.
Sovereign Nature Initiative
The initiative strives to reconfigure the intersection between ecology, economy, and emerging technologies in order to open our minds to radical approaches toward sustainability.
Sovereign Nature is designed to be a platform which enables the development of technologies that allow natural resources to become self-governing and self-sustaining.
They want to open pathways that reconsider and reinvent the intersection between economy, ecology and technology toward a sustainable future.
ixo Foundation
ixo is optimizing the way the world creates impact. Using blockchain technology and next generation web standards, the ixo protocol combines data with trust.
The world is starting to realize how important it is to really count what matters, for people and the planet.
With ixo, all measurable changes that have an impact can now be transformed into Verified Impact Data with crypto-economic Proof of Impact, which enables anyone to value what counts for sustainable social, environmental and economic development.
Trusted Impact data grows investments into impacts and optimizes the results, assisted by machine learning and intelligent oracles.
The ixo protocol generates Impact Tokens that are traded through decentralized impact exchanges. These digital assets will create new marketplaces for the Impact Economy.
Veritree
Built using blockchain technology, veritree is the world’s first, fully integrated platform designed to transform the restoration space through technology.
Veritree provides a comprehensive toolkit to restoration partners allowing them to collect and manage ground-level data and deliver it directly to all stakeholders.
Veritree makes it simple to incorporate Nature-Based Solutions into any business model.
Veritree provides the tools and technology to offer access to verified and transparent restoration projects.
On-the-ground data collect, aggregate, and management securely tracks and helps efficiently manage Nature-Based Solutions projects.
Data is stored using blockchain technology and offline encryption making veritree one of the most secure data storage platforms.
Veritree’s system gives partners, their customers, and project funders the transparency needed to have confidence in their impact and, through interactive portals, bring this impact to life.
Everex
Everex is the first fully transparent microfinance platform. Built on Ethereum blockchain technology and accessible from mobile devices, the Everex network allows anyone to request microcredit and send fiat payments from anywhere in the world.
We offer technology and services within an ecosystem involving software applications to facilitate cross-border lending, remittances, merchant payments, and currency exchange.
Our solution assists 2 billion underbanked individuals to build and improve their credit history on the basis of mobile phone data, granting them access with EVX to the global financial system for the first time.
Cherr.io
Cherr.io harnesses the power of charitable blockchain technology to supplement the ones in need. Cherr.io’s main focus is to bring the product with full support of smart contracts and attract new charity organizations with live campaigns.
Cherr.io is partaking in the future of charity by offering blockchain technology solutions for charitable donations. They aggregate these resources towards the Global Goals in a cohesive and systematic way.
Cherr.io’s goal is to make this technology available to all charitable organizations by creating an universal platform that will improve and expand the existing fundraising processes, increase transparency and reinforce the trust that the people have in charitable organizations.
The Sustainable Bitcoin Standard
The Sustainable Bitcoin Standard aims to create a market mechanism that will propel the Bitcoin network to reach carbon neutrality by 2025, without disrupting the fungibility of bitcoin.
The Sustainable Bitcoin Standard (SBS) is organized as an open global organization, leveraging the blockchain for public participation in governance.
We are designing a multi stakeholder ecosystem composed of miners, institutional asset managers, NGOs, climate scientists, and other stakeholders in the digital asset ecosystem.
Header Photo by David Shares on Unsplash
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