The distributed ledger technology knows no boundaries. Starting with Bitcoin, the cryptocurrency technology is making a place for itself in every aspect of our lives. While the implications of Blockchain adoption in the commercial sector is endless, the same can be said about its impact in the social good segment.
In order to encourage the use of blockchain technology to create a positive social impact, ConsenSys has put together a group of companies to influence the development of blockchain solutions. The initiative called the Blockchain for Social Impact Coalition (BSIC) is set up to incubate, develop and implement ideas for blockchain solutions that can solve social and environmental problems.
The first meeting of the Blockchain for Social Impact Coalition was held recently, which witnessed the participation of 22 member organizations. The companies that are part of the coalition include EduDao, Disberse, High Tech Humanitarians, Logos Global Advisors, MIT Solve, New America: Future Property Rights, Nordic Impact, slavefreetrade, Sustainability International, World Wildlife Fund, ALICE and Tata Consultancy Services.
According to a recent release by ConsenSys, the participants in the meeting discussed the issues that need solving and the challenges that need to be overcome in order to make those solutions a reality. The consortium will be initially focusing on four major target areas, Identity and Vulnerable Peoples, Energy and Environment, Supply Chain, and Financial Inclusion.
The members of the Blockchain for Social Impact Coalition will be working on their own projects of choosing, collaborating with each other. In addition, to monitor the progress, the Working Groups will be meeting every month, identifying key initiatives, exchange feedback, and create a strategy for further implementation of the project.
ConsenSys has also announced its plans to organize a month-long hackathon later this year to choose the teams and projects that are innovative enough to deserve further support and investment opportunities.