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Digital Privacy To Humanitarian Aid: 5 Use Cases For Crypto In 2024
Key Excerpts from Article on Website of Forbes
Posted: February 20th, 2025
https://www.forbes.com/sites/digital-assets/2023/12/28/digit...
Cryptocurrencies represent the marriage of decentralized networks (what we commonly know as the internet today) and assets like money. [Cryptocurrency] uniquely enables new solutions to otherwise intractable technological and social problems. Users often lose control over their personal information online, either all at once through platform hacks or bit-by-bit in the opaque world of online advertising and data brokers. A major issue is that the business model of big tech firms is advertising, creating an incentive to aggregate data into a single database, creating a “honeypot” for hackers. Blockchains can enable a new form of digital identity document for the web. Using these credentials, users can authenticate for services without having to divulge as much personal information. Traditional payment systems are often slow, costly and inaccessible to many. Cryptocurrencies backed by real-world currencies, dubbed “stablecoins,” provide an efficient alternative for global transactions. In 2023, stablecoins accounted for $4.5 trillion of crypto transaction volume on blockchain networks. Even digital payments giant PayPal announced the launch of its stablecoin earlier this year. Traditional humanitarian aid often suffers from inefficiency, lack of transparency and corruption, undermining its effectiveness and trustworthiness. Blockchain offers a solution by providing a transparent, traceable and secure system for humanitarian aid. A recent UN pilot [provided] aid directly to families affected by the war between Russia and Ukraine. The entertainment industry is famously concentrated, causing writers and actors to recently go on strike ... demanding better pay and new contract clauses. Blockchain technology enables more democratic digital economies through non-fungible token (NFTs) marketplaces like Zora, and decentralized autonomous organizations (DAOs) like CreatorDAO, allowing creators and artists to take advantage of online marketplaces and earn fair compensation for their contributions.
Note: Watch our latest video on the potential for blockchain to fix government waste and restore financial freedom. Explore more positive stories like this on technology for good.
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