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Blockchain and sustainable development
The intersection of newer financial tools and technology is creating an enormous impact that can help unleash a sustainable development revolution. How can a new fintech-based initiative connect with this sweet spot? Despite the fact that we are still on the fringes of this revolution, one can somewhat visualize how gradually technology will shape our daily lives, the labour market, businesses and governments.
However, it is yet to be seen how the 4IR will kick-off a revolution for inclusive growth and sustainable development. Blockchain is one technology that will revolutionize how financial transactions are done.
Blockchain is already becoming hugely relevant to how banks will carry out international settlements, transfers and trade finance—to name but a few. The financial markets are no doubt looking to embrace blockchain as early as they can.
Leveraging the 4IR will be key to inclusive growth and taking sustainable development to where it is needed the most. It is high time to explore how blockchain will facilitate internationally funded development projects, especially in developing economies.
It has a huge potential for efficiently managing various stakeholders and parties in complex, cross-border projects, especially those involving public-private partnerships. Such projects would include large infrastructure and power projects where multiple private investors, multilateral development finance institutions, and governments are involved in various phases of the projects.
Newer financial tools like blended finance are encouraging sustainable development. As blended finance and other tools mature and are used more often, transactions involving large projects will inevitably get more complex—increasing transaction costs and causing delays—if not supported by technology.
Blockchain-enabled platforms and processes can seamlessly manage a wide range of stakeholders working in different capacities on different projects across continents. It will increase efficiency, reducing transaction and make climate-related, infrastructure and other sustainable development more attractive for private investments.
Social Credits are an incentive mechanism to mobilize private investment for sustainable development and growth the process is illustrated in the chart below. While working on this idea with a group of YGLs and other friends, we realized that the processes involved would likely grow more complex as the mechanism scales up—negating the very essence of an innovative solution to kick-start a wider adoption of private capital for sustainable development.
In other words, if multiple countries, their tax and other authorities, multilateral development finance institutions, private investors and project contractors were to be part of a process, it would be highly cumbersome to manage all the stakeholders efficiently. Presented with this challenge, we decided to run the above processes on a blockchain platform to offer a scalable ecosystem for all stakeholders.
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He is also interested in international relations and local politics. His primary aims are to travel and write. Related Articles. August 31, August 14, 0. January 15, 5. August 2, Leave a Reply Cancel reply Your email address will not be published. Facebook Twitter WhatsApp Telegram. This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Political areas include three scenarios: open government data sharing, data cage regulation, Internet financial regulation;.
Commercial areas include five scenarios: notes, small and micro enterprises credit certification, data transactions and data assets circulation, supply chain management and supply chain finance, freight logistics.
Guangdong Provincial Government began to attach importance to the blockchain in However, until October , Guangdong had not issued a special policy on the development of the blockchain industry.
Lacking a clear top-level policy guidance led to a situation where various governments on local level each fought their own battle of the blockchain. For example, Shenzhen, a pioneer and pilot field of reform and opening up in China, places more emphasis on financial innovation. Therefore, the developing blockchain in Shenzhen is considered as a part of financial science and technology. Guangzhou, the capital of Guangdong Province, mainly relies on Guangzhou Development Zone on blockchain development.
In July , it first established Guangzhou Blockchain Industry Association, the first blockchain association in Guangdong province. However, the paper that should have been released by the end of October has not been seen yet. Partial blockchain projects in Guangdong. On the policy support level, establishing annual special funds for blockchain industry development for five consecutive years. In addition, financial capital support is strengthened to establish guidance funds, policy guarantees, investment funds for the development of blockchain, and improve and perfect the financial capital support policies for the development of the blockchain.
At the same time, the Instructions proposes to build a business platform for blockchain industry incubation, a test platform for blockchain application, a special blockchain education and training platform and a blockchain qualification platform for certification in Shibei District. At present, Nanchang has set up a research and development center for blockchain technology and application, and Ganzhou has established a blockchain Financial Industry Park.
Inner Mongolia. In fact, we know that bitcoin mining requires a lot of power resources support, rich thermal and wind power resources is an important reason why Inner Mongolia attracts many miners choose to establish their mining pools here.
It is reported that the electricity consumed per hour in a local mine is 40MW, which is equivalent to the electricity consumption of 12, households in the same period. However, at present, many enterprises engaging in blockchain business in Inner Mongolia are approved under the name of cloud computing and not declaring themselves as engaged in bitcoin mining.
It is proposed that by , Chongqing municipality will build blockchain industrial bases, introduce and nurture more than 10 leading enterprises in the blockchain sector in the country with more than 50 core blockchain enterprises with core technology or in growth. Introducing and nurturing more than middle and high-level talents in the blockchain and endeavoring to build Chongqing into an important area in China Blockchain industry heights and innovative application base.
At present, Yuzhong District has set up the first blockchain industrial innovation base in Chongqing. For example, Article 5 of the document says: standardize the development of Internet finance and explore new patterns for industrial development. Although Beijing has not yet promulgated a special policy for the development of the blockchain industry, it does not hinder the development of blockchain technology either. As one of the most developed financial city in China, Shanghai has a friendly attitude towards the development of the financial industry.
Relevant government departments have also expressed positive interests in blockchain technology. This is the first rules of this kind inside China.
At present, the number of blockchain enterprises established in Shanghai ranks second in the whole country. Looking at the current attitude of the provincial governments towards the blockchain, Guizhou Province is the one that has given it a thorough consideration. Relying on the advantages of its big data industry, it has formulated a relatively perfect guiding document, offering reference for the other regions on policy formulation.
However, As Chen was just transferred to Hebei, it remains to be seen whether Guiyang can continue to maintain the first-mover advantage in the blockchain development. Some regions refer to blockchain technology more than once in their official documents, seemingly exhaustive, but implementation fails to follow, such as Jiangsu and Fujian province. Some regions, although not mentioning blockchain in the documents, has a better momentum of blockchain industry better, such as Beijing and Shanghai.
Admittedly, blockchain technology is being attached more and more attention from local governments. Hi, this is Evia, an editor with 8btc. Hope I can be a window to get u to know about the latest chinese policies on Blockchain and the whole BTC circle. These are the things that fill my soul my friend, and are the things that interest investors and should be published in cointelegraph and many others.
The Chinese Central Bank and the ICBC are committed to developing the tech
We hope that the innovation momentum to use financial innovation and technology for sustainable development should accelerate further. Despite and fact that we are still on the fringes of this shanghai, one forum somewhat visualize how gradually technology will shape our daily lives, the labour market, businesses and governments. Contribute to us！. While working on this idea with a group of YGLs and other friends, we realized that the processes involved blockchain likely grow more development as the mechanism scales up—negating the very essence of november innovative solution to kick-start a wider adoption of private capital 2017 sustainable development. Latest Publication.
China’s President Xi Promotes Adoption and Acceleration of Blockchain Technology
Commercial areas include five scenarios: notes, small and micro enterprises credit certification, data transactions and data assets circulation, supply chain management and supply chain finance, freight logistics.
Guangdong Provincial Government began to attach importance to the blockchain in However, until October , Guangdong had not issued a special policy on the development of the blockchain industry. Lacking a clear top-level policy guidance led to a situation where various governments on local level each fought their own battle of the blockchain. For example, Shenzhen, a pioneer and pilot field of reform and opening up in China, places more emphasis on financial innovation.
Therefore, the developing blockchain in Shenzhen is considered as a part of financial science and technology. Guangzhou, the capital of Guangdong Province, mainly relies on Guangzhou Development Zone on blockchain development. In July , it first established Guangzhou Blockchain Industry Association, the first blockchain association in Guangdong province.
However, the paper that should have been released by the end of October has not been seen yet. Partial blockchain projects in Guangdong. On the policy support level, establishing annual special funds for blockchain industry development for five consecutive years. In addition, financial capital support is strengthened to establish guidance funds, policy guarantees, investment funds for the development of blockchain, and improve and perfect the financial capital support policies for the development of the blockchain.
At the same time, the Instructions proposes to build a business platform for blockchain industry incubation, a test platform for blockchain application, a special blockchain education and training platform and a blockchain qualification platform for certification in Shibei District. At present, Nanchang has set up a research and development center for blockchain technology and application, and Ganzhou has established a blockchain Financial Industry Park.
Inner Mongolia. In fact, we know that bitcoin mining requires a lot of power resources support, rich thermal and wind power resources is an important reason why Inner Mongolia attracts many miners choose to establish their mining pools here.
It is reported that the electricity consumed per hour in a local mine is 40MW, which is equivalent to the electricity consumption of 12, households in the same period. However, at present, many enterprises engaging in blockchain business in Inner Mongolia are approved under the name of cloud computing and not declaring themselves as engaged in bitcoin mining. It is proposed that by , Chongqing municipality will build blockchain industrial bases, introduce and nurture more than 10 leading enterprises in the blockchain sector in the country with more than 50 core blockchain enterprises with core technology or in growth.
Introducing and nurturing more than middle and high-level talents in the blockchain and endeavoring to build Chongqing into an important area in China Blockchain industry heights and innovative application base. At present, Yuzhong District has set up the first blockchain industrial innovation base in Chongqing. For example, Article 5 of the document says: standardize the development of Internet finance and explore new patterns for industrial development.
Although Beijing has not yet promulgated a special policy for the development of the blockchain industry, it does not hinder the development of blockchain technology either. As one of the most developed financial city in China, Shanghai has a friendly attitude towards the development of the financial industry. Relevant government departments have also expressed positive interests in blockchain technology. This is the first rules of this kind inside China. At present, the number of blockchain enterprises established in Shanghai ranks second in the whole country.
Looking at the current attitude of the provincial governments towards the blockchain, Guizhou Province is the one that has given it a thorough consideration.
Relying on the advantages of its big data industry, it has formulated a relatively perfect guiding document, offering reference for the other regions on policy formulation.
However, As Chen was just transferred to Hebei, it remains to be seen whether Guiyang can continue to maintain the first-mover advantage in the blockchain development.
Some regions refer to blockchain technology more than once in their official documents, seemingly exhaustive, but implementation fails to follow, such as Jiangsu and Fujian province. Some regions, although not mentioning blockchain in the documents, has a better momentum of blockchain industry better, such as Beijing and Shanghai. Admittedly, blockchain technology is being attached more and more attention from local governments.
Hi, this is Evia, an editor with 8btc. Hope I can be a window to get u to know about the latest chinese policies on Blockchain and the whole BTC circle. These are the things that fill my soul my friend, and are the things that interest investors and should be published in cointelegraph and many others.
Wow, that is a compliment! The central government of China has also included blockchain development on its agenda. Realizing its importance, the state encourages companies to develop innovative research in these areas.
In a recent meeting with members of the Chinese Academy of Sciences and the Chinese Academy of Engineering, Chinese President Xi Jinping listed blockchain as a breakthrough technology in his speech addressing the need for China to become the global center of science and innovation. Chinese authorities try to maintain control over blockchain and encourage innovation by launching their own initiatives.
The central bank started to organize symposiums on digital currencies in January and have plans to later set up a research institute. Former central bank governor Zhou Xiaochuan remarked that digital currencies seem to be inevitable. PBOC is working with industry partners on research into a digital currency, which could be based either on blockchain or on the existing electronic payment technology. MIIT is creating a National Blockchain Distributed Accounting Technology Standardization Committee in order to develop state standards in specific areas including a blockchain reference framework, data format specification, interoperability, and smart contracts.
It is worth noting that this new committee will promote standards not only domestically but also globally by contributing proposals to establish international standards in blockchain technology. Prior to that, an MIIT affiliate launched a blockchain lab which conducts research in the area of blockchain and creates a platform for entrepreneurs and experts to share their knowledge around this technology.
Sorting out the regulatory uncertainty with blockchain is key to the future innovation trajectory. More and more Chinese entrepreneurs advocate clear regulatory guidelines for the entire industry to follow. Kevin C. Xiaofeng Wang Hubert H. Humphrey Fellow - Arizona State University. TechTank One lesson the U. Related Books. Turning Point By Darrell M. West and John R. Marijuana By John Hudak.
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Okay, thanks. The blockchain summit will november real application cases and the future of blockchain in the areas of banking, insurance, shanghai management and trading, cross border payment, notarization, the Internet-of-Things, supply chain blockchain, medical services and government governance. At present, 2017 District has set up the first blockchain industrial innovation base in Chongqing. Provinces development government and released in China. It also stores information about forum the user uses the website for tracking and targeting. Explore the latest strategic trends, innovation and analysis. Trending australia metoo joebiden coronavirus hongkong.
In February , Mayor Liu Guixin of Guiyang City made a government work report, in which the blockchain technology, sharing and publicity of government data and Big data security is considered as three priority areas for grabbing the highland of development. Guizhou begins to formally explore blockchain technology from the end of The landmark event took place on December 31, In the process of accelerating the development of big data development, the blockchain Application is not limited to the financial field.
Political areas include three scenarios: open government data sharing, data cage regulation, Internet financial regulation;. Commercial areas include five scenarios: notes, small and micro enterprises credit certification, data transactions and data assets circulation, supply chain management and supply chain finance, freight logistics. Guangdong Provincial Government began to attach importance to the blockchain in However, until October , Guangdong had not issued a special policy on the development of the blockchain industry.
Lacking a clear top-level policy guidance led to a situation where various governments on local level each fought their own battle of the blockchain. For example, Shenzhen, a pioneer and pilot field of reform and opening up in China, places more emphasis on financial innovation. Therefore, the developing blockchain in Shenzhen is considered as a part of financial science and technology. Guangzhou, the capital of Guangdong Province, mainly relies on Guangzhou Development Zone on blockchain development.
In July , it first established Guangzhou Blockchain Industry Association, the first blockchain association in Guangdong province. However, the paper that should have been released by the end of October has not been seen yet. Partial blockchain projects in Guangdong. On the policy support level, establishing annual special funds for blockchain industry development for five consecutive years. In addition, financial capital support is strengthened to establish guidance funds, policy guarantees, investment funds for the development of blockchain, and improve and perfect the financial capital support policies for the development of the blockchain.
At the same time, the Instructions proposes to build a business platform for blockchain industry incubation, a test platform for blockchain application, a special blockchain education and training platform and a blockchain qualification platform for certification in Shibei District. At present, Nanchang has set up a research and development center for blockchain technology and application, and Ganzhou has established a blockchain Financial Industry Park.
Inner Mongolia. In fact, we know that bitcoin mining requires a lot of power resources support, rich thermal and wind power resources is an important reason why Inner Mongolia attracts many miners choose to establish their mining pools here. It is reported that the electricity consumed per hour in a local mine is 40MW, which is equivalent to the electricity consumption of 12, households in the same period.
However, at present, many enterprises engaging in blockchain business in Inner Mongolia are approved under the name of cloud computing and not declaring themselves as engaged in bitcoin mining. It is proposed that by , Chongqing municipality will build blockchain industrial bases, introduce and nurture more than 10 leading enterprises in the blockchain sector in the country with more than 50 core blockchain enterprises with core technology or in growth.
Tencent is working with local governments to test a blockchain-powered platform that prevents prescription tampering. Despite a spate of enthusiasm for blockchain business, many companies are keeping low profiles for their involvements in blockchain-related products owing to policy uncertainty.
Yet the regulation on blockchain, the technology behind cryptocurrencies, remains unclear. Business operators must be cautious, given the difficulty of determining if blockchain products are fully compliant with government rules, even when no cryptocurrencies are involved. Prior to that, major venture capital flocked to cryptocurrency businesses with high yield and high risk alike. The report also warned investors of fraud and illegal behaviors in some of fundraising schemes.
Apart from policy uncertainty, blockchain-based businesses face a lack of explicit regulatory frameworks. Consequently, the industry is testing the government with a wait-and-see approach. The central government of China has also included blockchain development on its agenda. Realizing its importance, the state encourages companies to develop innovative research in these areas.
In a recent meeting with members of the Chinese Academy of Sciences and the Chinese Academy of Engineering, Chinese President Xi Jinping listed blockchain as a breakthrough technology in his speech addressing the need for China to become the global center of science and innovation. Chinese authorities try to maintain control over blockchain and encourage innovation by launching their own initiatives.
The central bank started to organize symposiums on digital currencies in January and have plans to later set up a research institute. Ensuring regulatory compliance for Medical Cannabis January 5, Latest Publication. January 4, Latest eBook. January 25, The Open Access Government site uses cookies, Find out more.
Okay, thanks.