Since the blockchain technology has arrived in the world, there are revolutionary changes perpetually coming in the financial sector. Different companies especially the startups are experimenting the wide scope of this technology and working on finding robust solutions of expansion with the help of blockchain.
Recently the United Nations, followed by the prediction made by the World Economic Forum calling Blockchain a transformative technology, has collaborated with different startups to accomplish its sustainable development goals in the 15-year plan.
It’s not just the WEF, but several other institutions like IBM, European Parliament and Barclays among many others that can see the scope of Blockchain only increasing in the coming future. The purpose of blockchain is to ensure transparency in the recording of data to end the basic contention of corruption. The maintenance of ledger for saving the transactional records provides for companies the solutions they seek to save their data. The best property of this technology is its ability to save information in a distributed form and not in one place. The information is then saved and verified by all the members on the network to refrain from any kind of mal-activity.
As most blockchain applications are purposed at maintaining transparent and indisputable records of financial transactions. The UN, which is the largest body for the enforcement of the International Law in the world, and also has all states of the world associated with it one way or another as the member or non-member states.
The UN is associated with several developmental and social enterprises that have been using the commercial strategies to produce the maximum enhancement in the human development sector. These organizations design programs that deal with the impact caused by social change running parallel to the profit based programs for the shareholders. Each country has a different law for its local social enterprises, however, the UN which has a membership of 193 states works in collaboration with many local and international organizations to further the cause of social missions.
It was during the year 2015, that all 193 member states came together to sign a resolution for the implementation of 17 Sustainable Development Goals by 2030. e-Residency is a project of the government of Estonia. Estonia is on a mission to build the most advanced digital society in the world.
The 17 Sustainable Development Goals of UN for 15 years
- No Poverty
- Zero hunger
- Good Health and Wellbeing
- Quality Education
- Gender Equality
- Clean Water and Sanitation
- Affordable and Clean Energy
- Decent Work and Economic growth
- Industry, Innovation and Infrastructure
- Reduced Inequalities
- Sustainable Cities and Communities
- Responsible Consumption and Production
- Climate Action
- Life Below Water
- Life on Land
- Peace, Justice and strong institutions
- Partnerships for the goals.
Startups collaborating with the UN
In the middle of 2017, when the bitcoin and blockchain fever was rising, along with the private organizations, there jumped many social and public companies too on the bandwagon of the blockchain. it was then the usage of blockchain was proposed to the United Nations by different organizations and start-ups. Close to the month of September, almost 11 startups came with the idea of collaborating with the UN.
The companies that are exploring the potential of blockchain are
- E Residency
- Impak Finance
- Change Bank
These blockchain companies have the origin in different parts of the world and are coming together to ensure the achievement of Sustainable Development Goals by the year 2030.
There are many nations in the world like Switzerland and the UK that have been working in the areas of blockchain to simplify the procedure of bureaucracy and personal data to keep the operations of the state transparent and secure. This can solve the issues of viewing the data and other medical records, this also includes the identity management services that some countries are offering to support the services of the blockchain.
Many applications that were built for some other purposes after some time was begun to be used for the larger benefit that is for the non-profit platforms. These platforms when brought together under the umbrella of the UN, can have a direct influence on the establishment of democracy, the same technology can be used in other markets too.
The use of distributed ledger, which is the blockchain technology aims to help a great deal in the accomplishment of the United Nations SDGs. The blockchain enabled programs that are used to develop decision making in a secure and efficient manner. This process is ensured by the efficient voting process at a fraction of the traditional method.
SDGs and the UN
The reason SDGs were announced was to take action against the factors becoming an obstacle to the growth of peace and prosperity in the world. The all in all 17 goals, that had some tangible targets were supposed to be implemented by the cooperation of the global society in a very resourceful, transparent and trustful manner with a rapidity that is essential in such procedures. The blockchain is going to be a technology which will ensure the deliverance of these goals in time.
The goals of the plan include developing strategies to tackle resource scarcity, greenhouse gas emissions, water scarcity, waste management, ensuring hunger and equality. The blockchain can guarantee all these with unmatched transparency.
Sustainable Development Goal, to end hunger
Hunger stands as a prime issue that the world is facing these days. Therefore, an end to hunger was one of the major goals of the UN. In the times, when the world is faced with the refugee crisis, the World Food Program (WFP) is collaborating with blockchain companies to make better use and keep the operations of food transfer under better surveillance with the blockchain. A large segment of the population that is the victim of poverty, hunger or refugee crisis can be better served with the use of this technology as the transactions and transfers made through blockchain are traceable and take less long to be delivered to the destination.
The use of blockchain, as it has been proven minimizes the transfer cost and also the delivery time. The transaction fee through blockchain gets reduced by 98%, while the time taken in the delivery is not longer than 2-4 days.
As the UN job is to deliver services to the most remote areas where the facilities of life are not easily available. To reach those poor and far-flung area population is not easy, there are great chances of the shipment getting robbed on the way and what not. Blockchain enables the security of shipment and tracing of the containers in a manner that is unmatched and unparalleled.
The use of blockchain also eases the process of the submission of E-certificates and other licenses needed for trade and shipment.
Other Partnerships in the pipeline
Many companies like Skella are planning to announce a number of deals for the year 2018, which is going to be as important as the UN partnership. An example is that Skella in an announcement said that they are in conversation with a global non-governmental organization to partner with them for the year 2018.
The company claims to have a global membership of 5-10 million.
Other companies like Horizon State, can be useful in incorporating almost 15 million every year to materialize the process of voting in Australia. The entire process stresses the importance of technology today and how its helping states enhance the process of voting and election in a corrupt free fashion.
Projects where UN and Blockchain meet
The blockchain technology has been the most demanded technology in the world today. The UN has also incorporated it in many of its on-going projects. Following are some of the other projects that the UN is currently testing blockchain in.
UN supports blockchain technology for Climate Action
The use of blockchain, as repeatedly established is to ensure the transparency and security in the business, however, some of the other benefits that the climate action committees can enjoy with the use of blockchain are as follows
- Improved carbon emission trading
- Facilitated clean energy trading
- Enhanced climate finance flows
- Better tracking of greenhouse gas emissions reduction and avoidance of double counting
The UN women is another to partner to pilot the blockchain technology. The UN Women, a group of United Nations is exploring blockchain to empower the women and girls in the middle of a humanitarian crisis. Many workers currently are focusing on creating solutions for women to grow and be empowered to cope with refugee and humanitarian crisis. The facilities include a safe transfer of money among vulnerable women through blockchain. The secure payment solution for those bringing their skills into work while living in the refugee camps in a vulnerable state. The apps like VipiCash are doing women a tremendous favor by ensuring free transfer of money through the blockchain enabled the application.
Blockchain and IIHA
The blockchain where is getting integrated into several departments of the UN, there is IIHA, the Institute of International Humanitarian Affairs, which is collaborating with different blockchain applications for the service to humanitarian causes.
The revolutionary technology of blockchain is growing at an unprecedented speed, many companies where are questioning the potential of the technology, the others are already integrating it in their system and taking advantage of the unparalleled services blockchain can offer. The implementation of blockchain technology in major departments of the UN, the largest body for the enforcement of International Law in the world, is a guarantee that the technology is here to stay and the future depends on it.