Phaeton Applies Blockchain for Social Impact.
Phaeton’s mission is to utilise blockchain technology to make the world a better place for all communities. Blockchain technology has many social benefits due to its platform being transparent, cost-efficient, and secure. Currently, Blockchain’s most significant impact in the financial sector is the supply chain, healthcare, etc. However, one area that is also being impacted is social projects. There is a strong correlation between Blockchain and social impact.
OUR MISSION
Our mission is to find current social problems within our communities and analyse how they can be resolved through Blockchain technology. Also, we want to collaborate with all business levels, government agencies, not-for-profit organisations, impact investors, philanthropists and technologists who want to make a social change. The sectors that we are looking at include:
- Affordable Housing and community development
- Renewable energy and conservation
- Carbon credits and climate change
- Health and Wellness
- Education and social infrastructure
- Small business and microfinance
- Sustainable products and agriculture
- Supply Chain management
INCUBATION PLATFORM
To assist start-ups and enterprises, Phaeton has created an Incubation Platform. The platform incubates, develop, and collaborate with new and established business enterprises that address social and environmental challenges in line with the United Nation’s Sustainable Development Goals. To meet the communities’ demand for new social change, we aim to leverage Blockchain’s decentralised technology and ensure that the community’s needs are delivered right to the people. The focus would be to make a difference to the broader society, empower ordinary people, and engage the masses who need and want to be involved. The blockchain alternative should be based on solidarity and placing “people before profit” with a structure that can benefit communities in need. The technology can protect the public’s interest to another level in history and stop the bribery and corruption in our society.
Here we look at some of our current Social Impact Sidechain Projects.
Qoyne’s affordable housing solution is based on a solid social enterprise and technology. It has created a unique and disruptive model that addresses the core issue of affordable housing in a novel and sustainable way by using Blockchain Technology.
The Process
· Qoyne’s model is quite simple. It acts as an aggregator and a transaction gateway between its members and Landlords, and Merchants.
· When consumers spend money on food and rent, they are rewarded with Qoyne’s Reward Q-Points, which can then be redeemed for asset-backed QRE Tokens.
· QRE Tokens are backed by the revenue-generating real estate under Qoyne’s Real Estate Portfolio.
· The model incentivises consumers to improve their financial position through a savings model.
· The saving model allows the members to climb onto the property ladder.
· The saving model enables members to build up a deposit for their future home.
Phaeton has been approached to investigate setting up a Carbon Credit Marketplace where Australian Carbon Credit Units (ACCUs) can be tokenised and traded. It is a joint venture arrangement between three parties which includes the founder, corporate advisor and Phaeton.
By tokenising Carbon Credit Units into TNFT, we can accelerate the trade of emission-reduction credits. It is achieved through global access, real-time transparency, instant settlement, increased liquidity, and numerous other synergies that come from being tied to the greater cryptocurrency ecosystem, such as liquidity and the ability to self-custody. Each ACCU NFT represents a one-year tonne of CO2 emissions averted, substantiated by the Commonwealth of Australia or the Clean Energy Regulator. Each token can be “burned” at any time to offset one tonne of carbon emissions. Until burned, a carbon credit can be held and traded.
Many Not-for-Profits (NFPs) have an unstainable operations model. Donors and Philanthropist are unaware of where their donations have been spent. In addition, NFPs are constantly asking for funds, and they rely heavily on government subsidies. Many of the NFPs have failed due to the lack of transparency and poor management of the operation.
Phaeton is working with Reach Wellness, an Australian Not-for-profit entity providing mental health support for 1st Responders (RSL, Police, Nurses, Paramedics, Firefighters and more).
Grants and donations are to be recorded on a Blockchain ledger for all to see. Any money received will be split into (a) for capital works and (b) invested in an income-producing fund for future operations.
CONCLUSION
With features like immutability, transparency, and community control, Blockchains can impart greater accountability to Social Impact initiatives. It can substantially benefit sectors like philanthropy, governance, and shelter, among others. Above all, Blockchain can make our communities more inclusive, allowing the deprived sections to participate better and more directly. Inclusion is one of the significant factors driving social change and mobility. If you have a project that embellishes social impact, we would like to hear from you. Join our community and let us make a difference in our world.
