Social Impact of Blockchain: The Good and The Bad

blockchain

Blockchain technology for social impact - The good part

  • Connectivity- Blockchain is a faster data storage server compared to cloud networks that are traditional. Thus, it also enables a smooth and faster transferring of the data from one point to another. From the connectivity perspective, blockchain is the reason behind expanding virtual services into more markets and onboarding societies for tasks such as remote education, digital payments, and more.
  • Immutability- This feature of blockchain plays a crucial role in building trust over the technology. Any entry done on the blockchain server can not be altered or deleted. To change the behavior of a result or process, new entries will have to come into existence and with each entry, timestamp, user stamp, and such other information are provided. From the perspective of security, immutability makes cyber threats weaker.
  • Scope to innovate- Blockchain has seen many developments since its inception. For instance, crypto mining has helped many in improving their financial backgrounds and also made the investment process easier for common investors. With the growing development of Proof-of-Stake consensus, mining is also becoming more and more accessible to people.

Use cases of blockchain for social impact

Problems with the blockchain technology

  • Excess energy consumption
  • Hard to regulate

To conclude - Blockchain is trying to overcome its problems

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MobileAppDaily is an unchallenged pioneer of the mobile app industry and caters to the need of the tech geeks. Visit : https://www.mobileappdaily.com/

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