How does Blockchain affect society?
Blockchain is the XXI century technology. This technology has the potential to provide innovations in the financial and non-financial sectors. It has an important impact on society. Moreover, it can help to resolve some of the relevant problems in our actual society; climate change, democratic crisis and also the lack of confidence in the institutions, social inequities, corruption, lack of governmental services, the crisis in the cultural sector, etc.
A clear example of the advantages of this technology is the fact that it can modernize the votes system, improve its transparency, can improve the efficiency of public services, land Title Registries, grant disbursements, and Healthcare, among others. In conclusion, the potential of blockchain is basically to empower society. We will now proceed to describe some of the relevant impacts;
The voting process can be improved through blockchain, providing more accessibility and at the same time improving security. There´s no option to hack, therefore, each vote is attributed to an ID, not being possible to create a fake ID, government officials could tally votes more efficiently and effectively.
This technology can provide a clear and trustable system due to the fact that each movement inside this technology is immutable and permanent in this network.
Efficiency of public services
There are many applications of blockchain in governments. For instance, record management: national, state, and local governments are responsible for maintaining individuals’ records such as birth and death dates, marital status, or property transfers, as well as taxes. Blockchain tech could make the cumbersome process of filing taxes, which is prone to human error, much more efficient with enough information stored on the blockchain.
To conclude, blockchain supposes a clear revolution in the way we process the information, supply products and services, interact and create a business, in which legitimated owners of a determined group of data will have the control of all the processes by which this one is shared or used. Is the technology that has created higher expectations in the last months.
There’s people who present this technology as a key tool for the redistribution of power of citizens, giving the possibility to generate more democratic societies.
Land Title Registries
With the referred innovative technology is a way for some countries to increase efficiency in land title registries. Blockchain-based land registries could provide a secure, decentralized, publicly verifiable, and immutable record system where people could prove their land rights. A limitation would be that countries without land registries would have to build and digitize the information before blockchain could be used.
Due to the fact of the millions of dollars granted to various institutions, the opaque donation process is ripe for inefficiency and corruption. This technology could reduce the number of actors and managers, could streamline the process, and improve verification.
This are some of the benefits of blockchain in healthcare:
Patient Profile Privacy: The use of a decentralized ledger means a unified patient profile. Patients do not have to carry their papers anymore as everything can be stored and shared through a secure ledger. It will also offer patients more privacy as they hold the authority to grant permission to who can use or see the data.
Drug Traceability: Drug traceability will also improve with blockchain. As everything is tracked in real-time and in a decentralized network, there are next to impossible chances for it to get hampered.
Better Clinical Trials: Patient’s data is secured and stored in a decentralized network. The public health data can be used to do better clinical trials and research, improving the chances of developing drugs for different diseases.
Electronic Health Records (EHRs): With blockchain, health organizations can easily manage electronic records.
To conclude, this leads us to the end of the impact of this outstanding technology on our society. As seen above, this revolutionary technology has a huge impact on every sector. Our focus has only been on the main sectors so that you can relate to and understand what it can contribute to citizens.