Category: Transformational Technology

At a very basic level, blockchains are shared databases that store and
verify information in a cryptographically secure way. It is monitored
and organized by a peer-to-peer blockchain network, which also serves
as a secure ledger of transactions, e.g., buying, selling, and transferring.
One can think of a blockchain as a Google spreadsheet, except that
instead of being hosted on Google’s servers, blockchains are
maintained by a network of computers all over the world. These
computers (sometimes called miners or validators) are responsible for
storing their own copies of the database, adding and verifying new
entries, and securing the database against hackers.
A cryptocurrency is an encrypted data string that denotes a unit of
currency.

Crypto, as we know it today, has a significant environmental impact,
but it’s hard to measure exactly how significant. Many frequently cited
statistics come from industry groups, and it’s hard to find trustworthy,
independent data and analysis.

In these essays, Varsha Appaji, a 2021 SMU graduate, and a Research
Associate at the Federal Reserve Bank of San Francisco -and a former
student Research Analyst in the Hunt Institute- looks at the impact of
blockchain technology and its impact on major issues facing society
for better and for worse.

. . .

The healthcare record-keeping infrastructure is battling an issue known as interoperability, which refers to the way health information systems communicate across organizations to provide holistic healthcare. Since people have varying needs, it’s important for specialized health care providers to access previous health records in order to build a comprehensive patient profile.

Blockchain’s ability to provide decentralized record-keeping as well as ensure privacy and control over identity data could revolutionize the ways that our communities stay healthy.

Blockchain’s unique characteristics could:

• Open a path for a universal patient identifier,  so that health data can be matched to the proper individuals, even when data is transferred between healthcare systems
• Allow for greater control over personal information by providing security over health data and autonomy over access to medical records
• Make medical record keeping on the blockchain a much cheaper alternative than current healthcare data systems by providing security and cutting time costs in cross-organization communication
• Cut  down on counterfeit pharmaceuticals and drugs  around the world by tracking clinical trial and drug data to make it verifiable. This would hold all editors of the blockchain, or all drug transaction points, accountable
• Make doctor-patient in-office care more efficient by organizing layers of information verification and record-keeping in one digital place
• Assure better patient delivery of pharmaceuticals and drugs
• And provide many more potential use cases in healthcare.

The MediLedger Project is an organization using blockchain applications to verify the pharmaceutical supply chain in real-time.

Cons

The disruptive potentials of blockchain technology are still emerging, and there are still many potential risks. Notably, the security of the blockchain remains a large issue. For personal healthcare data, access to your own individual data is important as well. With the way that the digital key works now, losing this digital identifier would also cause you to lose access to the blockchain. Additionally, the investment cost in creating a blockchain-healthcare ecosystem would be huge since all organizations integrated in the system would need to install technology that could communicate with other blockchain users in the system.

Valuable additional reading: Global Blockchain in Healthcare 2018-2025 Report , or The Global “Blockchain in Healthcare” Report: The 2022 Ultimate Guide for Every Executive

For a video overview of blockchain, watch “Blockchain Applications for Social Impact” here.

Written by Varsha Appaji ’21

Edited by Chris Kelley

To read more about the Hunt Institute’s work to develop future-focused solutions to some of the world’s biggest problems, please click here. For the latest news on the Hunt Institute, follow our social media accounts on LinkedIn. We invite you to listen to our Podcast called Sages & Seekers. If you are considering engaging with the Institute, you can donate, or sign-up for our newsletter by emailing huntinstitute@smu.edu.

At a very basic level, blockchains are shared databases that store and
verify information in a cryptographically secure way. It is monitored
and organized by a peer-to-peer blockchain network, which also serves
as a secure ledger of transactions, e.g., buying, selling, and transferring.
One can think of a blockchain as a Google spreadsheet, except that
instead of being hosted on Google’s servers, blockchains are
maintained by a network of computers all over the world. These
computers (sometimes called miners or validators) are responsible for
storing their own copies of the database, adding and verifying new
entries, and securing the database against hackers.
A cryptocurrency is an encrypted data string that denotes a unit of
currency.

Crypto, as we know it today, has a significant environmental impact,
but it’s hard to measure exactly how significant. Many frequently cited
statistics come from industry groups, and it’s hard to find trustworthy,
independent data and analysis.

In these essays, Varsha Appaji, a 2021 SMU graduate, and a Research
Associate at the Federal Reserve Bank of San Francisco -and a former
student Research Analyst in the Hunt Institute- looks at the impact of
blockchain technology and its impact on major issues facing society
for better and for worse.

. . .

LAND RIGHTS

Land registry and management are critical tools for proving land ownership and protecting private property and land assets, which are arguably intrinsic to a functioning (and prospering) market economy. Below are a few ways that blockchain applications could be used to make the system more frictionless:

• Blockchain land registry programs would provide traceable and immutable land right protections
• Blockchain could make property ownership and record-keeping much easier and cheaper to maintain or update, so that the process of changing ownership would be much more efficient
• Digitized records would be transparent, accessible, indestructible, cost-effective, and eliminate bureaucratic management for a more easily traceable and searchable system
• Anti-corruption, especially for developing countries
• A way for all affected parties to monitor, update, and validate property ownership records
• Smart contracts could enable both buyers and sellers to automatically sign off on ownership once the transaction reaches its final approval stage. This may help to resolve land disputes that arise from undocumented or unregistered land

WATER RIGHTS

Water management is an urgent issue due to a number of factors, including the predicted global water crisis and present water scarcity on every continent, from Flint, Michigan, to Mali. Blockchain could revolutionize water management through:

• Decentralized water reuse systems
• Management and trade of water resources
• Making water resource planning traceable, like local electricity management
• Accessible, reliable real-time analytics from the massive data management capabilities of blockchain
• Transparency and cost-effectiveness in cross-organization communication

Real World Applications: 

• Bitfury’s Exonum-based land registry demo shows how blockchain technology can be used for land titling services by improving their security and usability. It also shows how to acquire sample properties, transfer properties, and explore the transaction history of any property or user. Learn more about Exonum.
• MediciLand supports land governance, titling, and administration by leveraging blockchain
• ​Colorado is already testing blockchain for water management
• WaterChain is a decentralized water funding platform aimed at improving water quality around the world

POTENTIAL CONS

• Security of the blockchain remains an issue, as well as the scalability of a project when tied to governments for land and water management
• ​Additionally, the energy consumption of blockchain applications and their carbon footprint may not be a sustainable way to address these concerns

For a video overview of blockchain, watch “Blockchain Applications for Social Impact” here.

Written by Varsha Appaji ’21

Edited by Chris Kelley

To read more about the Hunt Institute’s work to develop future-focused solutions to some of the world’s biggest problems, please click here. For the latest news on the Hunt Institute, follow our social media accounts on LinkedIn. We invite you to listen to our Podcast called Sages & Seekers. If you are considering engaging with the Institute, you can donate, or sign-up for our newsletter by emailing huntinstitute@smu.edu.

At a very basic level, blockchains are shared databases that store and
verify information in a cryptographically secure way. It is monitored
and organized by a peer-to-peer blockchain network, which also serves
as a secure ledger of transactions, e.g., buying, selling, and transferring.
One can think of a blockchain as a Google spreadsheet, except that
instead of being hosted on Google’s servers, blockchains are
maintained by a network of computers all over the world. These
computers (sometimes called miners or validators) are responsible for
storing their own copies of the database, adding and verifying new
entries, and securing the database against hackers.
A cryptocurrency is an encrypted data string that denotes a unit of
currency.

Crypto, as we know it today, has a significant environmental impact,
but it’s hard to measure exactly how significant. Many frequently cited
statistics come from industry groups, and it’s hard to find trustworthy,
independent data and analysis.

In these essays, Varsha Appaji, a 2021 SMU graduate, and a Research
Associate at the Federal Reserve Bank of San Francisco -and a former
student Research Analyst in the Hunt Institute- looks at the impact of
blockchain technology and its impact on major issues facing society
for better and for worse.

. . .

Self-sovereign identity refers to the direct control of your own personal information. Through blockchain’s use of cryptography, a pair of keys are created so that users can access their data on the blockchain. This pair is made of a public and a private key, making it possible to encrypt data in a way that only the individual with the private key can read it. This way, an individual can control just how much of and with whom their information is shared, while still keeping their ability to interact with others through the widely distributed public keys.

With blockchain, we can potentially enable self-sovereign identity and data integrity in a way that is immutable and verifiable, where personal data can be transparent but still individually controlled. Right now, digital personal data is so spread out through isolated data systems that it is impossible to track down every way in which our personal information is vulnerable to hacking or identity theft. Blockchain could give us control over our data again by forcing personal data security and accountability. 

Right now, in order to prove your identity, governments and businesses alike will often need, at the very least, your government-issued ID. To apply for a driver’s license in the United States, most states also require documentation of Social Security and two documents of proof of residency. Each additional hurdle makes the process more verifiable, but also more difficult and exclusive to already-vulnerable populations such as refugees or the homeless.

An example of this complicated identity process from Accenture is: 

“One perfect example of the complexities and sensitivities involved would be the birth of a child. Expectant parents have many interactions and touch points along their journey, from routine trips to the doctor to monitor the pregnancy, to hospital visits and prenatal services, all the way up to the birth itself and the subsequent creation of a brand-new identity for the baby.

In the traditional, siloed approach, there are new forms to fill out at every turn: when you register the child, when you apply for family benefits or when you sign up for daycare services. That data then vanishes into systems that are beyond your control. A solution capable of integrating all that data instantly and providing access on a case-by-case, need-to-know basis would provide benefits to parents, hospitals, government agencies, health insurance companies and daycare centers alike. And blockchain proved uniquely capable of providing such a solution.”

In order for blockchain identity management to work, governments will need to work together with businesses and individuals to ensure that users and giving informed consent to their personal, and even biometric, data being stored on the blockchain ledger. With their identity data on the blockchain, individuals would have much greater control over their personal information. We could be allowed to present the minimal documents or personal data in order for a business to identify us and verify that we are who we say we are, and this would allow for fewer direct threats to our digital identities.  

Present Barriers​ 

For now, though, this idea is still mostly out-of-reach as bureaucracies have little incentive to overhaul their technology and the public is still building their trust in the blockchain. Security issues still leave the system imperfectly defended from hackers. 

We also need to remember that blockchain is a system that allows strangers, basically, to reliably exchange real data.

According to Steve Wilson from Constellation Research, ”it’s simply illogical to think such a mechanism could have anything to offer identity… The public blockchains deliberately and proudly shirk third parties, but in most cases, your identity is nothing without a third party who vouches for you in some way. Blockchain is great for some things, but it’s not magic, and it just wasn’t designed for the IDM [identity management] problem space.”​ 

 “The trouble with this idea is that a universal ID poses risks to privacy and hence [could] encounter significant political opposition.”  -TechCrunch 

For a video overview of blockchain, watch “Blockchain Applications for Social Impact” here.

Written by Varsha Appaji ’21

Edited by Chris Kelley

To read more about the Hunt Institute’s work to develop future-focused solutions to some of the world’s biggest problems, please click here. For the latest news on the Hunt Institute, follow our social media accounts on LinkedIn. We invite you to listen to our Podcast called Sages & Seekers. If you are considering engaging with the Institute, you can donate, or sign-up for our newsletter by emailing huntinstitute@smu.edu.

At a very basic level, blockchains are shared databases that store and
verify information in a cryptographically secure way. It is monitored
and organized by a peer-to-peer blockchain network, which also serves
as a secure ledger of transactions, e.g., buying, selling, and transferring.
One can think of a blockchain as a Google spreadsheet, except that
instead of being hosted on Google’s servers, blockchains are
maintained by a network of computers all over the world. These
computers (sometimes called miners or validators) are responsible for
storing their own copies of the database, adding and verifying new
entries, and securing the database against hackers.
A cryptocurrency is an encrypted data string that denotes a unit of
currency.

Crypto, as we know it today, has a significant environmental impact,
but it’s hard to measure exactly how significant. Many frequently cited
statistics come from industry groups, and it’s hard to find trustworthy,
independent data and analysis.

In these essays, Varsha Appaji, a 2021 SMU graduate, and a Research
Associate at the Federal Reserve Bank of San Francisco -and a former
student Research Analyst in the Hunt Institute- looks at the impact of
blockchain technology and its impact on major issues facing society
for better and for worse.

. . .

Blockchain has many potential use cases in the sustainable energy sector, particularly in electricity. With smart energy meters, blockchain and other emerging smart technologies could ensure real-time electricity tracking and avoid double counting. Electricity tracking via blockchain could mean rewards for generating renewable energy (ie. SolarCoin) and renewable energy certificates or carbon credits.

Peer-to-peer electricity trading is a major potential use case for blockchain in energy. The “Interbit” blockchain platform developed by Canadian BTL is the first intrinsically safe and self-guaranteed electronic energy trading system, allowing for a variety of transactions from small, community trading to large business interactions. Interbit is also accessible to developers since all of its applications can be written in JavaScript.

Energy microgrids are another major use case for blockchain, making up 23% of blockchain electricity initiatives in 2018. The Brooklyn Microgrid is an example of a community energy network of sustainable clean energy that generates, stores, and trades energy in the local community.

Cons 

• The energy consumed by blockchain’s computational work is unsustainable
• The energy consumption and carbon footprint of blockchain may outweigh its potential energy upsides

For a video overview of blockchain, watch “Blockchain Applications for Social Impact” here.

Written by Varsha Appaji ’21

Edited by Chris Kelley

To read more about the Hunt Institute’s work to develop future-focused solutions to some of the world’s biggest problems, please click here. For the latest news on the Hunt Institute, follow our social media accounts on LinkedIn. We invite you to listen to our Podcast called Sages & Seekers. If you are considering engaging with the Institute, you can donate, or sign-up for our newsletter by emailing huntinstitute@smu.edu.