Blockchain for Social Impact

Abstract

Blockchain technology profoundly affects industries, especially social systems and management structures. This chapter outlines blockchain’s possibility of rebuilding management mechanisms with improved transparency, security, and decentralisation. It uses distributed ledger technology to challenge the hierarchical setups, thereby replacing them with much more egalitarian governance that provides more direct operational roles for individuals and communities. This could breed more accountability and equity. The following chapter explores, in great detail, the effect of blockchain in transforming social governance and management with real applications in supply chains, healthcare, education, and social entrepreneurship. It analyses the impact of blockchain on Corporate Social Responsibility (CSR) and social impact investing and exhibits ideas on how corporations can better interface with communities. This chapter combines management concepts with the technological capabilities of blockchain to develop a holistic approach in leveraging current technology to create ethical and sustainable business models for meaningful interactions with significant societal challenges.