Blockchain technology could have a huge social impact. But some people are concerned that it’s more hype than heart. Is blockchain technology just another inconsequential buzzword that will die out as quickly as it gained traction?

The Stanford Graduate School of Business has created a report that analyses 193 organisations, initiatives, and projects that are currently using blockchain for social impact. The report demonstrates where blockchain has had a positive social impact, which use cases are most advanced, and what can be learned from the hundreds of existing test cases. We know, for example, that blockchain technology has directly impacted industries including healthcare, agriculture and maritime – but what is it role for businesses and society as a whole?

The amount of businesses and projects adopting blockchain technology for positive social impact began to surge in 2013 and continues to grow at an accelerated pace. Some of the statistics revealed in this ‘Blockchain for Social Impact’ give a brief glimpse into why so many businesses are harnessing the power of blockchain.

• 55% of businesses are estimated to have an end impact on their beneficiaries by early 2019
• 20% of businesses are providing a solution to a problem that could otherwise not have been solved without blockchain.
• 25% of blockchain use cases are payments and transfers
• 38% of businesses see its ability to reduce risk and fraud as its primary benefit.

Want to discover how blockchain technology is directly impacting society? Download this research!