Blockchain Technology: Driving Social Impact

In 2023, Davos hailed blockchain as a force for global good, but challenges persist. Blockchain has shown progress in humanitarian sectors, like Rwanda's tractor rentals and EY's OpsChain in public finance. Major networks like Polygon and Stellar invest in social impact projects. However, accessibility and scalability issues hinder widespread adoption. High transaction costs and ecosystem fragmentation pose challenges. Regulatory frameworks, like the EU's MiCA, set standards but create complexities for cross-border initiatives. The future success of blockchain depends on collaboration, inclusive design, and pragmatic regulation. While past achievements are promising, upcoming developments will determine if blockchain becomes a global growth cornerstone. Bridging the gap between promise and implementation is crucial for blockchain's transformative impact. The article emphasizes the need for collaboration, inclusive design, and practical regulation to realize blockchain's potential for social impact.