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“Blockchain can solve World’s toughest challenges,” says Stanford Blockchain Research

A look at the highlights and the projects from the Stanford blockchain research that goes beyond the hype surrounding blockchain and emphasizes on ‘use case’. Research estimates that 55% of social-good blockchain initiatives will show impact in early 2019.
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“Potential to transform systems and leapfrog infrastructure can enable solutions that previously weren’t thought to be possible” read the Stanford research report after studying 193 organizations leveraging blockchain technology.

blockchain news stanford

Research that aimed at going beyond the hype to study the true transformational potential of blockchain in the areas of Agriculture, Democracy and Governance, Digital Identity, Energy, Climate and Environment, Financial Inclusion, Health, Land Rights, Philanthropy, Aid and Donors, Education, Human Rights, and Water.

Cryptotapas followers may recollect that in a recent article, we noted that Blockchain’s biggest transformation potential lies in these areas. You can refer to the article on Blockchain and its impact on our future.

Research calls Estonian Government’s adoption the most advanced adoption of Blockchain in a Government sector with 99% of Government sectors services now available on e-services.

Health sector seems to be at the forefront of Blockchain adoption with almost twice the percentage of blockchain initiatives, compared to Financial Inclusion, focused on the Health sector.

Research looks at the projects that are working in the sectors examined.  Below is a complete list of projects studied in this research by category.

Agriculture

blockchain in agricultureResearch highlights the major issues that face Agriculture industry including maintaining food safety compliance data on paper trails making it next to impossible to trace the origin of certain products.

Blockchain can bring tracking and transparency to the Agriculture industry while facilitating faster and cheaper settlements among all participants of Agriculture ecosystem.

Sector

Project

Challenges addressed

Agriculture AgriDigital Brings all players in the Agriculture supply chain onto one platform to facilitate buying, selling and storing grains
Agriculture GrassRoots Cooperative Bringing product’s supply chain tracking onto a single user platform to bring transparency to supply chain
Agriculture Bext360 Bringing coffee onto blockchain and aiming to make coffee farmers lives better in the process

 

Democracy and Governance

blockchain governance Blockchain can address security and logistic issues surrounding voting process and Government data exchange without compromising the safety of Citizen’s data.

Reducing costs and facilitating cross-verification can be significant improvements offered by Blockchain technology that existing systems fail to cater.

Research shows that “81% of projects are already achieving impact or on track to do so in 2018” through blockchain use in the Democracy and Governance space.

Sector

Project

Challenges addressed

Democracy and Governance e-Estonia Bringing Government onto Blockchain; more than 1000 Government services available on e-Estonia
Democracy and Governance Votem Mobile voting platform to cast votes from anywhere in the world

 

Digital Identity
Identity Blockchain

There are over 2 billion people that are unbanked. The biggest issue for these individuals is to have a proper identity that can be used to avail services offered by Government and private agencies.

Providing a digital identity that cannot be tampered with using Blockchain technology can transform billions of lives. This will prove to be an effective and inexpensive solution to a global problem.

Digital identity will also help simplify make the Know Your Customer (KYC) and Anti-Money Laundering (AML) for everyone.

Sector

Project

Challenges addressed

Digital Identity BanQu Blockchain-as-a-Service (BaaS) platform bringing identification to the poor and the unbanked
Digital Identity Aid:Tech Enterprise level solutions to tackle legal identity and financial inclusion

 

Energy, Climate and Environment
Blockcahain Energy

Blockchain technology can significantly reduce the overhead costs in the energy sector that operate in highly regulated markets.

Blockchain technology has the potential to expand the services to new users via microgrids.

Research does caveat that the impact of Blockchain technology in the Energy, Climate and Environment sector will take longer than other initiatives, about 2-3 years but the impact would be far-reaching.

Sector

Project

Challenges addressed

Energy, Climate and Environment Grid Singularity Facilitating decentralized energy data exchange on its platform
Energy, Climate and Environment ME SOLshare Bringing electricity to remote parts of Bangladesh

 

Financial Inclusion

With over 2 Billion unbanked individuals across the globe, Blockchain offers a massive potential to change the financial lives of the masses.

If you can get a phone, you should be able to avail financial services.  Blockchain can eliminate or drastically reduce the infrastructure requirements by embedding digital identity aspects.

Sector

Project

Challenges addressed

Financial Inclusion MojaLoop Open-source software bringing financial inclusion to masses by facilitating interoperability among various players
Financial Inclusion WeTrust Decentralized platform for financial services

 

Health

Health and BlockchainMaking exchange of health information across various players in the healthcare sector cheaper, safer and faster is a massive undertaking.

Providing health information in a timely fashion could mean saving lives.  This has to happen without compromising privacy and security concerns. The blockchain is a great solution to address the issues of privacy and security.

Blockchain’s immutability and transparency features can also help with curb the counterfeit issues in the health sector.

Sector

Project

Challenges addressed

Health Modum.io Digital value chain monitoring solution

 

Land Rights
Realestate land and blockchain

Blockchain has potential to bring transparency and trust to the real estate transactions.  When the information is recorded on Blockchain, it is almost impossible to delete or alter it. This makes it difficult to cheat people by selling the same real estate property twice.

Sector

Project

Challenges addressed

Land Rights Chromaway Bringing land title registration onto Blockchain, already working with Sweden and Andhra Pradesh State in India

 

Philanthropy and Aid
Social welfare and blockchain technology charity

More people would be willing to give to charity if they were transparent. We have had cases where the world’s biggest charity organizations came under investigation because of embezzlement and fraud charges.

Blockchain can bring transparency to the Philanthropy sector and help drive more funds to the right causes at the right time with 100% transparency.

Sector

Project

Challenges addressed

Philanthropy and Aid Ixo Foundation Open-Source blockchain protocol for the social impact
Philanthropy and Aid Disberse A platform that enables tracking of international flow of funds from donor to final recipient
Philanthropy and Aid Root Project On a mission to plant one million coffee and cacao trees

This research comes at the time when blockchain space needs a little boost.  Overall, the research is optimistic about the Blockchain’s use and potential impact on the various industries and sectors across the globe.

While some industries will take longer than others, research reiterates the fact that Blockchain will undoubtedly change many facets of our lives, for the better.

Thank you for reading this article.

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

CryptoTapas does not endorse or guarantee the accuracy of the information and claims made in respective publications referenced in this database.

About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

RK Reddy is an ardent fan of Blockchain and Cryptocurrencies. You can see the excitement about this new technology in every article on Cryptotapas.com. Sometimes this excitement leads to an overly optimistic view. Guilty as charged. RK Reddy says what may seem like an ‘overly optimistic expectation’ today may become an everyday norm in 5-10 years; look at the history of cars or airplanes, Blockchain and Cryptocurrencies belong to a similar frame of reference.”  Of course, that is just his opinion.


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