Social and political challenges such as corruption and broken institutions frustrate many efforts by elected leaders, civil society, aid agencies, and the private sector to encourage development and better governance. Blockchain technology has the potential to help address these deep rooted problems. Whether it is used to register and secure identity or land titles, administer transparent elections, or monitor supply lines and aid delivery, Blockchain is going to change the landscape governance and social impact work in the 21st century.
Corruption erodes trust, institutions and the rule of law. According to Global Financial Integrity (GFI), roughly $1 trillion flows out of developing countries each year due to corruption, fraud, and criminal activity— close to ten times the amount of foreign assistance flowing into these economies.
Systemic challenges including informal land ownership and individuals’ inability to gain legal identity continue to plague emerging economies. As Peruvian economist, Hernando de Soto, writes, only 2 billion people around the world have legal titles to control their land, and up to $20 trillion USD of “dead capital” sits outside land titling systems with no protection for property rights.
In their Top 10 Emerging Technologies of 2016 Report, the World Economic Forum affirmed,
“Perhaps the most encouraging benefit of blockchain technology is the incentive it creates for participants to work honestly where rules apply equally to all. [...] But as an infrastructure that improves society’s public records repository and reinforces representative and participatory legal and governance systems, blockchain technology has the potential to enhance privacy, security and freedom of conveyance of data—which surely ranks up there with life, liberty and the pursuit of happiness.”
Blockchain technology offers solutions to many of the toughest challenges facing countries around the world. The global community needs a trusted organization to bring together funders, technical experts, civil society leaders, advisers and entrepreneurs to make social impact Blockchain applications a reality. This is the Blockchain Trust Accelerator Initiative.
The Accelerator’s founding board comprises of New America, The Bitfury Group, and the National Democratic Institute. We work alongside our partners to leverage Blockchain technology for social impact.