Blockchain’s legitimacy has grown from having devoted slots on the calendar, such as New York Blockchain week, to international recognition at the United Nations (UN).
Last month, the UN Blockchain Commission for Sustainable Development held a summit to analyze how blockchain can solve the world’s most critical problems. The UN’s Sustainable Development Goals, the foremost pact on international development, will soon benefit from blockchain technology.
The UN now sees blockchain as part of the solution, and its agencies are fully behind new public-private partnerships to bring blockchain into the sustainability fold. Blockchain’s sustainability capabilities are connecting over 30 countries including Uganda, Mexico, Korea, Japan, China, India, Romania, France, Croatia, Columbia, and Argentina, regulatory bodies like the US Commodity Futures Trading Commission, to major companies such as IBM and Facebook. This number is only projected to grow.
These blockchain public-private partnerships are now in the works to solve: supply chain transparency & traceability, global health & emergency relief, digital identity, earth systems, refugee rescue, shelter & resettlement, and financial inclusion.
But what about putting words into action? Surrounding issues like financial inclusion, global health, disaster relief, education, and human rights, this UN committee, and its future events, will provide the platform for the public and private sectors to cement agreements and test blockchain tools to solve key challenges.
Blockchain’s sustainability role as outlined at this conference will move up the impact investing curve. For this to happen faster, sustainable blockchain activities must incorporate a layer of trust and assurance, which will raise confidence in the system and pave the way for widespread adoption. As a founding member of the UN Blockchain Commission for Sustainable Development, iCash’s CEO Will McDonough, is making sure the firm’s technology helps the UN achieve its Sustainable Development Goals via blockchain. iCash’s Proof of Trust (‘PoT’) protocol protects users from incorrect or nefarious data inputs. As a result, organizations like the UN can carry out operations on the blockchain and measure their success via checks and balances.