When the Sustainability Goals or the Sustainable Development Goals were formulated in 2012, blockchain technology was still in its infancy. Few anticipated the 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 if used responsibly.

Overall trends in 2020
There are a number of macro trends in the world of blockchain and sustainability this year that provide cohesion. This year has been and will remain an important year in laying the foundations for major disruptive powers such as digital currency and digital identity.

The path to blockchain technology somehow mirrors that of its predecessors. After the hype surrounding ambitious goals like financial inclusion and data ownership, limited work has been done to define what it means and how it looks. Indeed, if the risks and benefits are not carefully considered, there is potential for expanding existing gaps or exploiting vulnerable populations.

On the topic: Economic accessibility, cryptocurrencies, and the new world

It is encouraging to see momentum for self-identification and self-regulation in areas of user protection such as the Global Digital Finance Blog and Presidio Principles, but it is important that these conversations remain rooted in the realities of consumer protection, infrastructure opportunities, and the influence of political and cultural beliefs to ensure that technology can make a significant contribution to achieving goals. sustainable development.

Related: Blockchain Digital Identity – It enables people to take control of their data

While some organizations, such as the Human Rights Foundation and the American Red Cross, have long accepted donations in cryptocurrencies, we are seeing an increase in the number of players seeking digital currency as a way to fund the SDGs. For example, the UNICEF cryptocurrency fund announced its largest investment round this year, and a number of platforms have been supporting the cryptocurrency Giving Tuesday for some time now.

Related: The future of philanthropy lies in Blockchain technology

As the conversation around central bank cryptocurrencies and coins evolves, there is also talk of how digital currency can be a tool for direct delivery of assistance, as seen in the World Food Program’s Building Blocks Project, which uses technology for authentication and registration. blockchain. Transactions.

Digital identity is constantly being emphasized as a key tool to achieve the sustainable development goals. While many of these measures are in their early stages – such as the recently launched PayID, which has brought together a number of industry leaders – this is definitely a place worth seeing as a key component of future progress.

Take a closer look: Three major trends
Building sustainable and transparent supply chains.
The United Nations’ 9th Sustainability Goal states:

“Building sustainable infrastructure, promoting sustainable industrialization and encouraging innovation.”
As has been widely reported, the COVID-19 pandemic has highlighted challenges and vulnerabilities in global supply chains, and increased demand for transparency and traceability. In response, we have seen many measures to explore – or accelerate current research – blockchain technology to meet these needs.

Supply chains are essential in everything from global trade to development aid, and they are an important component of the sustainable development equation. Blockchain technology for using supply chains reflected 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 merchant windows in South Asia and Latin America, respectively.

Source: CoinTelegraph