New America, Bitfury Group and the National Democratic Institute (NDI) have come together to form the Blockchain Trust Accelerator Initiative, which aims to link governments with technologists and funders to accelerate the adoption of the technology for social good and governance, Forbes reported.

“There’s a tremendous amount of capital flowing into blockchain applications in the fintech sector, and that’s fantastic. It’s an indicator of the potential and power of this technology,” said Tomicah Tillemann, director of the Bretton Woods II Initiative at New America and cofounder of the initiative. “But Bitfury, New America, NDI and all of our partners want to ensure that the transformational potential of the blockchain is used to make people’s lives better in addition to making people money”.

Plans for the initiative were finalized at the recently held Second Annual Blockchain Summit on Sir Richard Branson’s Necker Island, hosted by The Bitfury Group. 

The accelerator will select projects that are focused entirely on global change for good. Jamie Smith, Bitfury’s global chief communications officer and initiative cofounder, and Tillemann said that potential applications for blockchain in governance include ensuring citizens have access to land titles, tracking the provenance and delivery of vaccines, securing citizens the right to vote, and giving people access to a legal identity.

The initiative’s first pilot is a blockchain-based land titling system created by Bitfury in the Republic of Georgia announced in April. The accelerator will begin requesting proposals through an online portal next month and evaluate them for feasibility, partnership opportunities and potential to expand from pilot to broader option. Following this, the top proposals will be matched with governments and funders to begin implementation.

The Bitfury Group is a leading full-service Blockchain technology company and one of the largest private infrastructure providers in the Blockchain ecosystem. It develops and delivers both the software and the hardware solutions necessary for businesses, governments, organizations and individuals to securely move an asset across the Blockchain.

Founded in 1999, New America is a think tank and civic enterprise that is dedicated to renew American politics, prosperity, and purpose in the digital age.

NDI was founded in 1983 and is a nonprofit, nonpartisan, nongovernmental organization that has supported democratic institutions and practices in every region of the world. NDI and its local partners have worked to establish and strengthen political and civic organizations, safeguard elections, and promote citizen participation, openness and accountability in government.