Reuters

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Blockchain can help the LGBT community flex its economic muscle and fight rights abuses globally – from Chechnya to Uganda – while safeguarding the identity of members, said the charity behind a new digital initiative. The LGBT Token scheme will use blockchain – the technology behind digital currencies such as bitcoin – to create a digital system that will make the community’s economic power more visible, said the LGBT Foundation. There is no precise measure for global spending by the lesbian, gay, bisexual and transgender (LGBT) community, but the so-called “pink economy” is estimated at up to $4.6 trillion per year – larger than Germany’s GDP – the charity said. “This is a significant economic force that’s still poorly understood by brands,” Christof Wittig, president of the Hong Kong-based LGBT Foundation, told the Thomson Reuters Foundation.

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