An in-depth analysis of blockchain technology and its social impacts. The paper discusses the impact of blockchain technology on various sectors such as agriculture, finance, and democracy.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Running head: BLOCKCHAIN TECHNOLOGY1 Blockchain Technology and its Social Impacts Name Institutional Affiliation
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
BLOCKCHAIN TECHNOLOGY2 BlockChain Technology and its Social Impacts Blockchain is a digital technology that usually prevails self-reliant of government establishments or private organizations. In general, it lacks a principal server, national boundary, owner,and administrator and is a key issue in various debates concerning the forthcoming of democracy, individualdata, security, and insurance amongst others (Tapscott & Tapscott, 2016).Additionally, some individuals have already ignited the debate to determine whether ithas a huge disruption to traditional infrastructures. Researchers and scholars contend that blockchain will have a great impact in every industry. Besides, blockchain will change the way people as well as societies interact (Casey & Vigna, 2018).Furthermore, technology that reduces cost promotes transparency and increases efficiency can have substantial implications for sectors that are dedicated to driving social impact. The ability to transform systems and leapfrog infrastructures can make solutions that were before impossible to be thought to be possible. This paper purposefullyfindsan in-depth analysis of blockchain technology and its social impacts. The social repercussions of blockchain advancement are massive. Bitcoin has lately offered financial services to many people without necessarily accessing banks through digital wallets, ATM, and debit cards(Siraj, 2016).. Further, it played an integral role in micropayments and microloans to persons in underprivileged socio-economic instances, unravelinga completely new way of advantage for the global economy. Christian & Joshua, (2016), note that “the blockchain is a distributed network that solves all the problems that we have in relation to finance, but more broadly, it’s like philosophy, can confirm this. It’s a way of life”. Further, blockchain social consequence is within a segment of social inventiveness where the absence of faith is a particular issue, mainly within worldwide aid campaigns. Various institutions underthis niche are believed to be in puzzling locations,for instance, areas in turmoil,
BLOCKCHAIN TECHNOLOGY3 where amenities occasionally are unfortunate or do not exist in some instances and corruptions are rife. Blockchain technology provides an authenticatemethod around the demerits of corruption. Smart contractsare generally believed to provide a substantive benefit for societalbusinesspersonsworking in areas where reliable third parties are hard to get. “Theblockchain does one thing: It replaces third-party trust with a mathematical proof that something happened” (Christian. & Joshua, 2016). In the agricultural sector block chain has had a substantive impact in the manner in which the stakeholders in the agricultural sector have embraced blockchain. In essence, in order to curb food as well as contamination and increasing transparency and efficiency, for-profit institutions are driving 60 percent of agricultural applications for blockchain (Corkery & Nathaniel, 2018).Blockchain replaces the trusted-yet-fallible third parties involved in the collection, tracking, and data management in the agricultural supply chains having more neutral and effective systems. Consumers of food products, precisely high-end or premium products, demand a certain degree of transparency and trust to justify the high prices they incur. Bockchain has enabled consumers in the agricultural sector to make rightful decisions when purchasing products. “The blockchain allows our smart devices to speak to each other better and faster”(Corkery & Nathaniel, 2018). The decentralized features of smart-contracts and blockchain affirm that contractestablished on its platform does not necessarily require an isolated party. Moreover, because smart-contracts are ideally, contractual conditions could be transformed into logical purposes that trigger habitually when set priorities are achieved. “Block chain is really exciting technology because it’s actually providing both transparencies but also the contractual relationship that any organization should have”(Corkery & Nathaniel, 2018).
BLOCKCHAIN TECHNOLOGY4 Blockchain advancement addresses various current aspects. The idea of the IOThas been in existence for quite some period. “The internet is programmable information can affirm this. The blockchain is programmable scarcity” (O’Dair, 2018). The main idea is that internet knowledge could be employed to advance a huge network of sophisticated machines and appliances that possess the capability of interacting with people and without deviance. Such an apparatusisalready in use in some households,for instance, ovens having the inclusion of interior cameras that can inform users when food is cooked. The integrity of electoral processes is of increasing world concern even in stable democracies such as Freedom House characterizing 2017 as the “most serious crisis” over theyears for democratic governance (Casey & Vigna, 2018).Distributed ledger technology is able to address various security and logistical practices of government data exchange. Citizens’ information is harder to illegally erase or edit when it is stored across block chain-like networks,and these networks can curb various agencies from repeatedly requesting persons’ data. “In the blockchain world, each user can own their data, and ‘central players are less vulnerable to data losses and breaches.”(Nash,2016).In the absence of blockchain, system hackers and hostile nation-state actors are poised to lack target for attacks. Further, in the instance governments are not contended to invest in huge data centers, service cost can be greatly minimized. With new inclusions to blockchain technology, systems can cross-check to make sure they have the same data or correspond to the same person,for instance, a U.S social security number without transferring or seeing the inside information itself. Which is commonly known as zero-knowledge proofs provide positive effects for privacy? Sensitive information can be authenticated without necessarily being transferred or even viewed by observers or retrieved by a government worker.“The consequences of this breakthrough are hard to overstate”(Swan, 2015).
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
BLOCKCHAIN TECHNOLOGY5 Crowdfunding, as well as citizen inclusivity efforts, could be entirely transformed by blockchain. Blockchain technology possesses the ubiquitous online up-or-down vote to a new level, where reviewers, implementers,and curators of project enhance trust over time and follow through on proposed projects. This system has built trust among people,and it allows verifiedpublic doings to define people and groups. “blockchain infiltration will be met with resistance because it is an extreme change”Tapscott & Tapscott, (2016). Conclusively the paper has noted blockchain to exhibit changes in various things and regions that are beyond the bounds of possibility. The sharing economy depicts a broad idea for millennials;though, the application of blockchain is amounting to recommendable progress through allowing easy, swift, and cheap process. This is poised to have an impact on traditional business, particularly when sharing and not ownership becomes typical. Further, it can be affirmed from the text that blockchain technology could enhance access to new paths for productive social alterations, as the short-term rent of idle properties could outdo the long-term possession of properties as the socialcustom.
BLOCKCHAIN TECHNOLOGY6 References Casey, M., & Vigna, P. (2018).The truth machine: The blockchain and the future of everything. Christian., C.G & Joshua. S. (2016). "Some Simple Economics of the Blockchain."SSRN Electronic Journal.doi:10.2139/ssrn.2874598.SSRN2874598 Corkery., M. C & Nathaniel. P (2018)."From Farm to Blockchain: Walmart Tracks Its Lettuce".The New York Times. RetrievedJanuary2018 Nash. K. S. (2016)."IBM Pushes Blockchain into the Supply Chain".The Wall Street Journal.Archivedfrom the original on 18 July 2016. RetrievedJanuary2018 O'Dair, M. (2018).Distributed Creativity: How Blockchain Technology Will Transform the Creative Economy. Cham: Palgrave Macmillan US. Siraj. B (2016).Decentralized Applications: Harnessing Bitcoin's Blockchain Technology. Oreilly. Swan. M (2015).Blockchain: Blueprint for a New Economy.O'Reilly Media. p.38– 39.ISBN9781491920473. Tapscott, D., & Tapscott, A. (2016).Blockchain revolution: how the technology behind bitcoin is changing money, business, and the world. Penguin.