Blockchains have only been with us since 2008, when Bitcoin’s anonymous inventor launched a wave of disruption with the world’s first cryptocurrency. A once shadowy and still poorly understood technology has proven itself to be a versatile tool, solving problems in fields as diverse as marine biology and energy conservation.
Blockchains are tamper-proof decentralised digital ledgers, which build an encrypted version of the previous block into each new “block” of information, guaranteeing their integrity. Blockchain-based systems are uniquely robust, secure, low-maintenance, fast-moving and direct, compared to traditional equivalents.
This technology enhances the resilience of systems against hacking, malware, server failure, network failure, fraud and human error, and enables resilience-boosting projects that were once unimaginable.
Supply chains
Personal finance and security
Environmental initiatives
Supply chains
Illegal food and mineral production undermines the resilience of our supply chains. Individual tuna are being tracked from catch to sale. Consumers can shop with confidence and government agencies can minimise damage to the marine environment by enforcing quotas and preventing unlicensed fishing.
In this mining project, cobalt from the Democratic Republic of the Congo can be tracked all the way from the mine to the batteries in a smartphone or electric vehicle. Mining conditions are improved through these verification layers.
Personal finance and security
The kinds of personal security that once depended on the stability of governments and infrastructure can now be supplemented by blockchain tech. For the world’s 2 billion people without bank accounts, blockchain provides a solution via Bitcoin and other cryptocurrencies. A digital wallet can give people in the developing world access to credit and insurance, and make remittances from family members abroad safer, cheaper and faster.
For the world's 1.1 billion people without identity documents, blockchain systems may bring security. For people in societies without access to conventional documentation, blockchain IDs may unlock the way to better healthcare, education, employment, property rights and the right to vote. The World Food Programme has already established a closed blockchain ID system to support Syrian refugees in Jordan.
Environmental initiatives
SolarCoin incentivises community solar energy production. The token-trading system will help generate 97,500 terawatt hours of solar energy over the next 40 years, by enabling the exchange of credits generated by home energy production.
Gainforest incentivises farmers not to cut down trees, fighting deforestation. Using predictive smart contracts, farmers and communities have a financial stake in protecting portions of the Amazon rainforest
