One of the underlying philosophies behind blockchain technology which ranks top among the most exciting emerging technologies in the world today is inclusion.
The premise of a successfully implemented blockchain is one in which commerce is brought to the doorsteps of the average person without the need for expensive third-party establishments.
The enormous potential of the blockchain to overhaul the mainstream market framework with its inherent biases and discriminatory tendencies is being explored by the LGBT community.
Historically speaking, the LGBT has been one of the more maligned groups but it is now attempting to leverage blockchain technology to build a so-called ‘pink economy.’
At the heart of the plan is the LGBT token, a blockchain-based register of the LGBT community aimed at harnessing the considerable economic power of the community. It is the world’s first cryptocurrency meant specifically for the LGBT community.
The token is meant to enable the verification and protection of LGBT member identities. The token also aims to harness the economic power of the community as well as help to fight against all forms of abuse, inequality, and discrimination being meted out to LGBT people all over the world.
Speaking on the plan, Christof Wittig who is the President of the LGBT Foundation said that the move was a step in the right direction as far as improving upon the economic fortunes of the LGBT community is concerned.
Christof Wittig is also the CEO of Hornet, the popular social network platform for gay men with more than 25 million members all over the world. Witting is of the opinion that the LGBT community is misrepresented and misunderstood by the government and corporate brands alike.
The LGBT token gives the community a means to self-organize outside of any mainstream corporate or government control. The token is expected to be launched in April 2018.
With the degree of inequality, abuse, discrimination suffered by the community, people who are sympathetic to their cause often have a difficult time sending donations to fund efforts within the community.
According to Chris Wood, the executive director of the LGBT Technology Partnership, a U.S. non-profit organization, blockchain provides sufficient protection for the identities of participants. This then creates an avenue for people who are sympathetic to the cause of the community to help out with donations and other forms of support.
Commenting on the issue, Chris Wood reiterated the need for such a framework especially in regions of the world where there is a high level of intolerance for anyone of the LGBT persuasion.Top on the agenda for the LGBT token is the fight against rights abuses and discrimination suffered by LGBT people in places like Uganda and Chechnya.
There have been reports of growing persecution even by state authorities and the LGBT token is being designed as a way to combat this trend. With a functioning blockchain system able to provide robust support services for LGBT people in these areas, the community will be able to come to their aid.
Featured image by Marco Goran Romano