Who will be the real beneficiaries of blockchain technology?

by Lumai Mubanga

When the internet was born, it proved to be a game-changer in many ways. From education, finance, health and industrial applications, it was hailed as a tool that would change the way we live. In addition, true to that, we have witnessed the truth of those expectations. However, it is far from achieving everyone’s dreams as initially portrayed.

Enters the so-called block chain revolution. Even as it crawls through its infancy, we hear similar sentiments as if we heard when the internet was born. While the internet has produced many tech giants ploughing billions of dollars, millions remain without access to this infrastructure that was so famously pronounced as a game-changer. Can something similar happen to blockchain? Who will eventually be the real beneficiaries?

There are many ordinary groups of people perceived to be the beneficiaries of this technology. The following few paragraphs show potentially how these groups will benefit.

Music Lovers

If you are concerned about how artists may make a living out of their artistic innovativeness, blockchain can benefit them a lot. Among the first projects on the block chain for artists were CryptoKitties and CryptoPunks, which proved to be perfect examples of visual block chain art. Technology and art is used for not only registering and collecting data about pieces of art. Nevertheless, there is more.

Immigrant workers

If you are an immigrant who is frustrated with high fees on remittances, the block chain has already developed Apps that can automate your transactions at a much lower fee. Indeed, there is space for you.

Aid Workers

Aid workers struggle with among other issues, tracking of donated funds and fare distribution of essential commodities in refugee camps or related environments. Blockchain has touched that area too with smart Apps that ensure equitable distribution and accountability.  

Frustrated citizens

General and ordinary citizens are angry and frustrated with the way politicians handle the national affair. Corruption, unaccountability, voting and other critical issues are on block chains table to tackle.

Social media user

Many social media users are unaware of how their online life is tracked, profiled, and used by tech companies to generate revenues for themselves. If only social media users can take that, back and earn for being online. Blockchain technology has developed browsers that can benefit this group of users.

From the above narration, it is true that every business, institution, government and especially individuals can benefit in profound ways. The blockchain is already proving this true and the disruption is imminent. However, will that be realized?

Like the internet, it will take a deliberate, well-structured approach for ordinary people to get the real benefits of this technology as opposed to profit-oriented tech companies to profit.

We will live to see how block chain will differ from internet when it comes to real beneficiaries.