Blockchain is helpful for a sustainable global economy, UN experts believe

Blockchain is helpful for a sustainable global economy, UN experts believe

BREAKING | Jun 20, 2021 | WOZINGA NEWS

Blockchain is helpful for a sustainable global economy, UN experts believe

  • UN experts say that blockchain can be the driver for a more sustainable global economy. 
  • The World Food Programme conducted a pilot of the “Blockchain Blocks” program in Pakistan.
Blockchain is helpful for a sustainable global economy, UN experts believe

By Marielle Petere Wozinga Journalist

UN experts believe that blockchain technology can play a significant role in a more sustainable global economy, UN News reported Sunday.

Cryptocurrency has become the hot topic of the press for months due to its several issues, including its high volatility. However, the United Nations has acknowledged the benefits of the technology behind digital currencies.

Transparency of blockchain

UN experts emphasize the role of cryptocurrency in showing the advantage of transparency. Thus, transparent transactions can help the economy to be more sustainable. In what sense?

In some specific regions or countries, high levels of corruption and insufficient institutions become undeniable. But then, the trusted and transparent record of transactions seems to be the answer to possibly end the economic problems.

As for blockchain, UN News has mentioned ‘the technology is resistant to tampering and fraud.’ With the World Food Programme, the experts have noticed the blockchain’s advantages in providing humanitarian cash.

Delivering humanitarian cash

Meanwhile, WFP is the largest agency delivering humanitarian assistance in 64 countries. The organization conducted a pilot of the “Blockchain Blocks” program in Pakistan.

The “Blockchain Blocks” program has explored the use of blockchain technology. It includes the efficiency, security, and transparency of cash transfers.

According to the WFP website, the organization facilitates cash transfer under the Building Blocks program powered by Ethereum. They also ensure to protect the data of beneficiaries, control financial risks, and allow for greater collaboration.

In addition, the organization revealed that they utilize blockchain “to deliver food assistance to 106,000 Syrian refugees in Jordan.”

Results and possibilities

Without the need for a local bank, the WFP pilot program in Pakistan revealed it was possible
that the organization could directly, securely, and quickly send cash to beneficiaries.

So far, UN News added that the Building Block project is also successful in Jordan refugee camps. Data showed it worked for refugees; the UN environment agency considers blockchain usage for other unprotected groups or minorities.

UN News also mentioned that the authors of a report by the UNEP suggested blockchain. It said, “technology could improve the livelihood of waste pickers, who eke out a living in the informal economy.”

“Transparent monitoring systems could accurately track where and how the recovered waste is used,” the report noted. It added, “as well as identifying who picked it, ensuring that the right people are rewarded for their efforts.”

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