Blockchain Technology: Applications for a Better World

In a recent development, a group known as “Democracy Earth” launched a new startup (Sovereign) that utilizes blockchain technology in the facilitation of flexibility in votes casting by users, and is a way to promote liquid democracy, which will in turn grant voters the privilege of expressing their opinions and thus delegating their votes to individuals they believe possess better qualities. The Ethereum blockchain platform is what Sovereign uses in its operations, and the votes are in the form of tokens that have a finite number, and they get assigned to users who are registered on the network. The registered voters then get the opportunity to carry out different types of voting duties.

While it is a plausible move at ensuring more people vote, a possible flaw with the technology is the absence of voter anonymity; however, Sovereign is of the opinion that there are blockchain technology providers that have come up with solutions to ensure voters can remain anonymous. Sovereign has been tested in Colombia and will be publicly available at the close of 2018.

Blockchain and its aid in trading of green energy

A decentralized system usually comes with several advantages, and a major one can be seen in Brooklyn, New York following the implementation of a project where a lot of homeowners came together to facilitate the installation of solar panels to function as a standalone network. LO3 is in charge of running the operations of the Brooklyn Microgrid and gives businesses and residents the ability to be self-sufficient with energy. Furthermore, the energy company also provides a trading platform that allows users to buy and sell excess electricity. At the moment, Brooklyn Microgrid has over 50 participants and hopes to expand to extend to various parts of the country and beyond.

It is hoped that this will encourage people to opt for renewable energy, as the environment will benefit from it. In different parts of the world, different companies, including LO3 Energy are creating various blockchain networks in order to increase the decentralization in the energy production industry. Australia saw Power Ledger announce the launch of a blockchain based renewable energy trading market.

Blockchain for the homeless

One of the aims of the blockchain technology is primarily to make life easier for people, and it includes the homeless. In Austin, Texas, plans are underway to ensure that homeless persons can be verified and identified. In light of this, a grant of $5 million was awarded by a program known as the “Mayor’s Challenge,” and had “Bloomberg Philanthropies” as a sponsor. The idea is to create a platform that will enable social service workers to easily identify and verify a person’s circumstances, without the need to go through lengthy paperwork.

The program designed to achieve this is known as “MyPass,” and it will enable private homeless service providers and governments to function effectively and efficiently in providing a more comprehensive and integrated help to the homeless.

Dealing with food security

One crucial area where the blockchain technology has proven to be useful is wastage of food, and according to a Boston Consulting Group’s report, there is the likelihood that by 2030, food wastage would have risen by 2.1 billion tones if adequate measures are not put in place to check the wastage.