Markets

Harnessing The Power Of Early Beneficiaries In The Crypto Space For Social Impact

Born out of an underground fintech culture, blockchain technology has emerged as a phenomenon over the past decade with the ability to disrupt traditional industries, alter the way we think, and ultimately change the status quo. Nydia Zhang of not-for-profit grant making platform Social Alpha Foundation says it’s about time we looked past market prices and financial transactions, and opened our eyes to the lasting impact this technology can have on our world.

Blockchain has the potential to accelerate, transform, and positively impact the world’s approach to social change. A largely untapped area, I believe philanthropy should be part of the crypto and blockchain experience, where people are encouraged to imagine and realize solutions for a better future by using this amazing new technology.

So how do we make this future a reality? In a world that can so often be seen as self-absorbed and highly competitive, a lot of the time we see people putting their own interests first and wonder ‘What’s in it for me?’. I believe we need to look past this and begin to imagine what we can do for others and the world around us. How can we make healthcare more readily available, education more accessible, and the environment more sustainable?

One way we can do this is through blockchain, which is a digital, chronological, immutable record of transactions. When we think of blockchain and crypto, the first thing that springs to mind is crypto prices, exchanges, and trading. But there is so much more to blockchain than this.

Up until now, the general public and media’s focus has been limited to a market-orientated view of the technology, with the spotlight being shone on regulation (or a lack of it) and the rise and fall of cryptocurrency prices. This view has made it challenging for companies and individuals to understand the true value of blockchain technology and the ability it has to transform a multitude of industries, from finance to healthcare to education.

Blockchain technology also has the potential to help with different social issues including combating climate change, delivering aid to refugee camps, and bringing transparency to the charity sector. One of the major benefits of the latter is that donations can be processed with no fee and donors are able to see where and what their donations are going towards. Smart contracts could also be implemented, eliminating the need for a middleman, and allowing for direct transactions between the donor and the charity. This transparency has the power to prevent corruption and fraud, and allows charities to continue utilizing blockchain for social good.

Just as companies off the chain have a responsibility to give back to the community through Corporate Social Responsibility (CSR), blockchain companies should have the same obligation. We are all responsible for our impact on society and while blockchain is still very much in its nascent stages, it’s important for us, as a community and as individuals, to lead by example and give back.

With that in mind, it’s important to note that philanthropy is about more than money. It is about using the resources we have readily available to us. The quote “When you learn, teach. When you get, give” springs to mind.

The potential of the technology is still yet to be fully discovered and I believe we have the power to revolutionize philanthropy as we know it and make our world a better, fairer, and more compassionate place. It’s time to step up and give back.

About Nydia Zhang

Nydia Zhang is the Co-founder and Chairman of Social Alpha Foundation, a not-for-profit, grant-making platform supporting blockchain technology for social good. She is also a board member of the fundraising committee at the Hong Kong Society for the Protection of Children (HKSPC), a member of the Fintech Association of Hong Kong, and sits on the Global Patrons board of the San Francisco Museum of Modern Art. A graduate of the University of Washington, Nydia is also a cryptocurrency investor and blockchain enthusiast.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.