Within the blockchain community, there is a clear consensus that this cryptographic technology will change the world. This article and the two pieces that follow in the series, will explore the opportunities, the challenges and the current projects in the space focused on creating a social impact.

Blockchain is the technology that underlies Bitcoin and all other cryptocurrencies. The technology is intended to provide a secure, unalterable record of ownership. It has been used for a variety of uses outside of new currencies.

The industry, less than a decade old, is booming by almost any measure. There are now far more cryptocurrencies in circulation than there are fiat or government-issued currencies (coinmarketcap.com lists 1,558 as of this writing). According to the Financial Times, at least 39 digital currencies have a market capitalization of at least $1 billion.

From the outset, the cryptocurrency community has held as a fundamental tenet that cryptocurrencies are inherently superior to fiat currencies by virtue of the security associated with the technology, the cap on the number of units of currency to be issued (either immediately or ultimately) and the freedom from meddling regulators, especially central banks. Hence, enthusiasts have long held that the technology would make the world a better place.

This series will look more narrowly at the opportunities, challenges and projects within the space that are specifically focused on addressing a social challenge. This article focuses on the opportunities.

In 2014, Overstock.com began accepting Bitcoin and established a subsidiary called Medici Ventures to advance “blockchain technology to democratize capital, eliminate middlemen and rehumanize commerce.” [Disclosure: I own shares of OSTK.]

Jonathan Johnson, past CEO of Overstock where he continues to sit on the board, now serves as the president of Medici Ventures. He notes, “Too many of the world’s population are either unbanked or under-banked. Without access to digital currency in the form of credit or debit cards, they live in a cash-only economy and have difficulty participating in the 21st-century economy. Cryptocurrency can remedy that by giving the unbanked and underbanked access to digital currencies in the form of cryptocurrencies held on a secure digital wallet.”