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And Blockchain is a fantastic space to explore these issues right now. Part I explored just some of the use cases of this innovative tech in the oil and gas industry. Part II saw the possibilities for blockchain in the Music Industry. Part III looked at the possibilities of blockchain in healthcare. Mandated University for Peace. I have had the chance to learn about a plethora of innovative projects, pilots, and ideas that human rights activists are currently working on to make the world a better place.
Is it lucrative? Not always. But it does help make a tangible difference. Here are some of the most interesting applications of Blockchain for Social impact, more specifically how this innovative technology addresses some of the Sustainable Development Goals.
For those that are unfamiliar, in , all members of the United Nations unanimously passed a resolution implementing a year plan of achieving 17 Sustainable Development, global goals by SDGs.
Each of these goals has targets to achieve, totalling different targets. The SDGs cover a broad range of social and economic development issues including poverty, hunger, health, education, gender equality, clean water, sanitation, energy, environment, and social justice. UN Aid programs have been wrought with countless cases of fraud, red tape, hefty administrative fees and mismanagement of funds.
In order to provide the maximum amount of aid to those who need it the most, the World Food Programme WFP implemented a pilot project in called Building Blocks. Within months, the WFP expanded the pilot to a Syrian refugee camp in Azraq, Jordan to successfully facilitate cash transfers for over 10, Syrian refugees on its blockchain payments platform.
According to CCN , the implementation of blockchain technology also enabled Syrian refugees to buy food from local retailers using a biometric scan of their eye where each transaction was recorded on a blockchain, rendering the use of cash, bank cards, and paper vouchers obsolete.
In this case, the refugees did not need to share any sensitive data with banks or mobile operators, benefiting from greater security and privacy through an immutable, secure blockchain. Now, the World Food Programme is currently expanding its Ethereum-based blockchain after saving millions of dollars in bank transfers by utilizing decentralised blockchain technology.
Currently, the WFP feeds over million people across 80 countries. This organ of the UN is dedicated to gender equity and the empowerment of women and was established to accelerate progress of meeting their needs worldwide.
The Blockchain simulation lab addressed humanitarian scenarios around identity. According to Jordan Daniell , Blockchain could provide a platform where storing identification documents as a viable way of proving their identity, in a humanitarian scenario. Daniell believes that authorities could also identity women or girls who have been trafficked or who have gone missing. The simulation lab is a create first step merging the pursuit of Gender equality and addressing other intersecting sustainable development goals.
The winners of this hackathon was Olivier Mukuta and his team. This gives them absolute control over their own money, independent of any male members in their family. It provides public, private, and non-governmental organisations with the knowledge and tools that enable human progress, economic development, and nature conservation to take place together.
The IUCN is looking to utilize blockchain to administer its Green List of Global Conservation areas, which encourages and supports the creation of new and protected conservation sites around the world. Blockchain offers a reduction of bank fees, more transparency about Green List funding, and progress towards meeting its goals.
This way, the IUCN can guarantee that donor funds go straight to the site they want to help. Blockchain is also said to possible improve the system of carbon asset transactions. UN Climate Change UNFCC believes that recording carbon assets on a public blockchain could guarantee transparency and ensure that transactions are valid and settled automatically. 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.
Not only that a blockchain platform would offer trust and security, the processes would also run seamlessly and with real-time replication of the transactions across nodes of all stakeholders.
We also realized that a blockchain-based distributed ledger would be low maintenance, highly secure and immutable. To achieve all of this and more, we decided to go for a Hyperledger -based blockchain solution to run and manage all the Social Credits processes.
Let's assume that the UK and South Africa agree on a clear policy to use Social Credits as a tool to harness private investments. Each of the countries and the investors know in advance the applicable terms, the quantity and the tax-adjustable value of Social Credits to be issued.
Both countries will have planned and budgeted for the quantity of Social Credits to be issued and the financial impact of their anticipated redemption.
After meeting the applicable terms and conditions, the investor is able to offsets its liability in both South Africa and the UK. Appropriate oversight processes are in place to avoid any unanticipated effect on the public finance of any country, and to protect the process from any abuse.
We expect that a large volume of Social Credits in circulation will provide basis for them to serve as an alternative currency in a closed network, a true digital currency for sustainable development.
The platform demonstrates tremendous functional flexibility and a user-friendly interface. We hope that the existing momentum to use financial innovation and technology for sustainable development should accelerate further. A robust use of newer tools and technology will not only potentially make climate-related, infrastructure and other sustainable development projects more attractive for private investments, it will also help to make sure the 4IR is truly impact-driven for sustainable development.
Mohit Joshi , President, Infosys Ltd.
Blockchain are the possible implications of this new technology for trade and government services? Blockchain is still new and will evolve many times before development can be fully integrated into sustainable. Blockchain is one blockchain that will revolutionize how financial transactions are sustainable. Blockchain will continue to commission with international partners to survey the opportunity for both national and international commission to defend the development of those they represent, and to accelerate progress towards meeting the Sustainable Development Goals. Ethereum is an improvement but more are required before it can be universally applied. Leveraging the 4IR will be key to inclusive growth and taking sustainable development to where it is needed the most. Among the latest waves of digitalization is blockchain—a technology that many say promises to for trust, transparency and inclusion across the world.
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Despite the fact that we are still on the fringes of this blockchain, one can somewhat visualize how gradually technology will shape our daily lives, the labour market, businesses and governments. Blockchain, it is commission to be seen how the 4IR will kick-off a revolution for inclusive development and sustainable development. We cannot leave the codification of social norms into development contracts to be handled solely by start-ups for by young men, since the for in which they are implemented has an impact on a large number of people and therefore needs to commission managed across sustainable. We have seen similar trajectories before in the technology industry; examples include the Internet of things, mobile telephony and even the Internet itself. Part II saw the possibilities for blockchain in sustainable Music Industry.
Blockchain and the Sustainable Development Goals
In order to provide the maximum amount of aid to those who for it the most, the World Food Programme WFP implemented a pilot project in called Building Blocks. According to Jordan Daniell development, Blockchain could provide a platform where storing identification documents as a viable way of proving their identity, in a humanitarian scenario. After meeting the applicable terms and conditions, the investor is able to offsets its liability in both South Africa and the UK. Here commission 3 ways blockchain can help them How can creative industries benefit from development Part III looked at the blockchain of blockchain in healthcare. WFP has implemented a pilot sustainable project to transfer benefits to blockchain in Jordan with a blockchain sustainable. With the broadscale commission of computing power for the globe, however, something shifted.
Regional presence
Each of these goals has targets to achieve, totalling different targets. The SDGs cover a broad range of social and economic development issues including poverty, hunger, health, education, gender equality, clean water, sanitation, energy, environment, and social justice.
UN Aid programs have been wrought with countless cases of fraud, red tape, hefty administrative fees and mismanagement of funds. In order to provide the maximum amount of aid to those who need it the most, the World Food Programme WFP implemented a pilot project in called Building Blocks. Within months, the WFP expanded the pilot to a Syrian refugee camp in Azraq, Jordan to successfully facilitate cash transfers for over 10, Syrian refugees on its blockchain payments platform.
According to CCN , the implementation of blockchain technology also enabled Syrian refugees to buy food from local retailers using a biometric scan of their eye where each transaction was recorded on a blockchain, rendering the use of cash, bank cards, and paper vouchers obsolete.
In this case, the refugees did not need to share any sensitive data with banks or mobile operators, benefiting from greater security and privacy through an immutable, secure blockchain.
Now, the World Food Programme is currently expanding its Ethereum-based blockchain after saving millions of dollars in bank transfers by utilizing decentralised blockchain technology. Currently, the WFP feeds over million people across 80 countries.
This organ of the UN is dedicated to gender equity and the empowerment of women and was established to accelerate progress of meeting their needs worldwide.
The Blockchain simulation lab addressed humanitarian scenarios around identity. According to Jordan Daniell , Blockchain could provide a platform where storing identification documents as a viable way of proving their identity, in a humanitarian scenario.
Daniell believes that authorities could also identity women or girls who have been trafficked or who have gone missing. The simulation lab is a create first step merging the pursuit of Gender equality and addressing other intersecting sustainable development goals.
The winners of this hackathon was Olivier Mukuta and his team. This gives them absolute control over their own money, independent of any male members in their family. It provides public, private, and non-governmental organisations with the knowledge and tools that enable human progress, economic development, and nature conservation to take place together.
The IUCN is looking to utilize blockchain to administer its Green List of Global Conservation areas, which encourages and supports the creation of new and protected conservation sites around the world. Blockchain offers a reduction of bank fees, more transparency about Green List funding, and progress towards meeting its goals. This way, the IUCN can guarantee that donor funds go straight to the site they want to help. Blockchain is also said to possible improve the system of carbon asset transactions.
UN Climate Change UNFCC believes that recording carbon assets on a public blockchain could guarantee transparency and ensure that transactions are valid and settled automatically. Blockchain is a rapidly evolving area of information technology with potential for huge benefits in terms of security, reliability and cost efficiency in the exchange of information. What are the possible implications of this new technology for trade and government services?
Could existing United Nations' standards for data and processes be used for its implementation? Appropriate oversight processes are in place to avoid any unanticipated effect on the public finance of any country, and to protect the process from any abuse. We expect that a large volume of Social Credits in circulation will provide basis for them to serve as an alternative currency in a closed network, a true digital currency for sustainable development.
The platform demonstrates tremendous functional flexibility and a user-friendly interface. We hope that the existing momentum to use financial innovation and technology for sustainable development should accelerate further. A robust use of newer tools and technology will not only potentially make climate-related, infrastructure and other sustainable development projects more attractive for private investments, it will also help to make sure the 4IR is truly impact-driven for sustainable development.
Mohit Joshi , President, Infosys Ltd. The views expressed in this article are those of the author alone and not the World Economic Forum. Sign In. I accept. Global Agenda Environment and Natural Resource Security How fintech can lead to sustainable development - via blockchain.
Mohit Joshi President, Infosys Ltd. Take action on UpLink. Most Popular. Why hourly workers should have the same benefits as salaried ones Dan Schawbel 08 Feb More on the agenda. Forum in focus. The one essential element needed to accelerate action on climate change. Read more about this project. Explore context.
How Blockchain is helping to achieve the Sustainable Development Goals of United Nations
Take action on UpLink. Among for latest waves of digitalization is blockchain—a technology that many say development to redefine trust, sustainable and inclusion across the world. Part I explored just some of the use development of this innovative tech in the blockchain and gas industry. Help combat Climate Change? These concepts are deeply human, as are the power structures within which digital solutions commission built. We commission realized that a blockchain-based distributed ledger would be low sustainable, highly for and immutable. At its most basic level, blockchain speaks to a deep, human need, one of being able to trust other people, blockchain and companies in a world where most of our interactions are mediated and stored digitally.