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Innovation for Social Good Recognized in Newsweek’s First-Ever Blockchain Impact Awards

Marking its first ever Blockchain Impact awards, Newsweek announced their competition’s winners who are accomplishing social good through their innovative and entrepreneurial approaches in the development of blockchain applications. The companies are in a range of industries, but each is using blockchain technology to take on a current social issue.

One company, Bitlumens, is working within the energy sector to help get more people on the power grid and end inefficient use of traditional energy sources like kerosene and candles. This is being accomplished by providing a credit score to people in remote or rural areas that helps them gain access to the grid and thus lower carbon emissions.

Another company, SimplyVital Health, ensures patients are only obligated to pay for effective medical services that yield true outcomes, rather than procedures and visits to the doctor. This is being achieved by giving patients access to their medical records on mobile devices. The software used is compatible with federal privacy law and the program uses blockchain to audit insurance reimbursement from claims to payment distribution.

"With cryptocurrencies crashing, this special edition may seem like an odd moment to celebrate the promise of blockchain," said Dayan Candappa, Chief Strategy Officer of Newsweek in a press statement. "But our honorees show that there is a great deal more to blockchain. These awards unanimously agreed upon by a council of blockchain experts and Newsweek editors, recognize leaders who are helping resettle refugees, improving access to electricity and health care, and creating fairer markets. In their enterprising hands, we see blockchain's enormous potential for good."