Blockchain for a better society: How to reach beyond financial inclusivity
The COVID-19 pandemic has erased more than four years of progress in the United Nation’s Sustainable Development Goals (SDGs). While philanthropy is seen as a key contributor to getting the international development agenda back on track, it is plagued by a lack of transparency — a drawback that can be solved by technology.
Introduced in 2015 by the UN, the 17 SDGs range from poverty eradication to clean water and sanitation with a goal of transforming the planet for the better by 2030. Social giving is a critical enabler in using the wealth of the globe to increase the quality of life in the least-developed countries. However, the legacy systems used by charities beg for more transparency, efficiency and accountability — with the latter also being highlighted by the UN as a significant challenge standing before the SDGs.
Blockchain technology stands as a solution to the need for a traceable and immutable infrastructure for philanthropy, but the traditional proof-of-work (PoW) consensus used by the Bitcoin blockchain often comes under fire for its energy consumption. The Fruits Eco-Blockchain, a project that aims to create an eco-friendly and sustainable economy open to everyone, instead uses a proof-of-capacity (PoC) algorithm to address blockchain’s issue of high gas fees and energy consumption.
Source: IntechOpen
The FRUITS PoC algorithm provides extremely low energy consumption, high security, high-speed transaction, high versatility and no transaction costs. It uses a random draw method for mining, eliminating unnecessary time and power consumption. The multi-layered smart contracts found in the Fruits blockchain are designed for a wide variety of uses, helping with different philanthropic goals. Combined with
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