Blockchain not only opens doors for people who don’t have access to banks, it can help improve the environment, healthcare and trust in the media, said Joseph Lubin, CEO of ConsenSys, at the Blockchain For Social Impact Conference in New York.
Lubin highlighted the company’s investments and applications of Blockchain technology across fishing, healthcare and media sectors.
Blockchain provides banking to more people by reducing international remittance fees and by giving access to financial services for those who don’t have bank accounts. Project i2i in the Philippines, for example, serves islanders who don’t have access to traditional bank systems. Refugees will be able to access their assets and financial credits anywhere, anytime, and use them to start a new life, even if they are displaced by war or disenfranchised by their government.
Consumers can make better informed decisions as Blockchain gives them a clearer view on the environmental impact of certain products. Blockchain is now being tested in the fishing industry in Fiji, Australia and New Zealand to help stop illegal and unsustainable practices. Consumers will have the ability to trace the entire fishing process of a tuna for sale, including the boat that caught the fish, the fishing method and the labor situation involved.
Blockchain technology is also transforming the healthcare system by giving patients access and control of their health information. In addition to getting their own health data whenever they want, patients will be able to help medical research by contributing that data without revealing their identities.
Blockchain may help increase trust in the media through its Civil startup. Readers can support journalists through the platform, which Civil says will lead to more independence for journalists. About 30 newsrooms have joined the platform, so it still has a long so it still has a long way to go to regain public trust, Lubin said.