When the Sustainable Development Goals or Sustainable Development Goals were formulated in 2012, blockchain technology was still in its infancy. Expect the expected path and potential of the blockchain to achieve these ambitious goals.
But today we see opportunities for blockchain technology to transform traditional approaches to sustainable development – and accelerate progress when used responsibly.
General trends in 2020
There are a number of macroeconomic trends in the blockchain and resilience world this year that are bringing consistency. This year has been and will continue to be an important year in laying the foundations for major disruptive forces such as digital currency and digital identity.
The path to blockchain technology somehow reflects the path of its predecessors. In the wake of the hype surrounding ambitious goals such as financial inclusion and data ownership, there has been limited work being done to define what it means and what it looks like. In fact, if the risks and benefits are not carefully considered, there is potential to widen existing gaps or exploit vulnerable populations.
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It is encouraging to see progress in self-identification and self-regulation in areas of user protection such as the Global Digital Finance Blog and the Presidio Principles, but it is important that these conversations continue to be rooted in the reality of consumer protection, infrastructure opportunities, and the influence of political and cultural beliefs. can make a significant contribution to achieving goals. sustainable development.
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While some organizations, such as the Human Rights Foundation and the American Red Cross, have long accepted cryptocurrency donations, we are seeing an increase in the number of players seeking digital currency as a way to fund the SDGs. For example, the UNICEF crypto fund has announced its largest investment round this year, and a number of platforms have been supporting crypto Tuesday for some time now.
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As the talk of cryptocurrencies and central bank coins evolves, there is also talk of how digital currency could be a tool to deliver aid directly, as outlined in the World Food Programs Building Blocks Project, which uses technology for authentication and registration. blockchain. Transactions.
Digital identity is consistently underlined as a key tool for achieving sustainable development goals. While many of these measures are in their early stages – for example, the recently launched PayID, which has brought together a number of industry leaders – this is definitely a place worth considering as a key component of future progress.
Take a closer look: three major trends
Create sustainable and transparent supply chains.
The ninth UN Sustainable Development Goal states:
“Building sustainable infrastructure, promoting sustainable industrialization and encouraging innovation.”
As widely reported, the COVID-19 pandemic has highlighted challenges and vulnerabilities in global supply chains and increased the need for transparency and traceability. In response, we have seen many measures to explore – or accelerate ongoing research – blockchain technology to meet these needs.
Supply chains play an important role in everything from global trade to development aid, and they are an important component of the sustainable development equation. Blockchain technology for leveraging supply chains reflects this diversity. For example, multinational development banks such as the Asian Development Bank and the Inter-American Development Bank are exploring the possibility of using blockchain for single window trading in South Asia and Latin America, respectively.
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Indian company StaTwig, trained by the UNICEF Innovation Fund, tested the use of blockchain technology to track vaccine delivery in the eastern state. Anheuser-Busch InBev, an international beverage and beer company, tested this technology in Zambia to provide transparency on prices for local crops like cassava, which farmers were paid for.
However, problems remain. Effectively reimagining global supply chains requires unique collaboration between industry players and careful assessment of elements such as interoperability and data integrity.