This makes it a typical multidisciplinary technology enabler for sustainable development with unique properties including trust, automation, decentralization, immutability, and resilience. This Primer aims to emphasize the potential role of blockchain technology in assisting a transition to a sustainable society through shedding light on the rationale behind blockchains, their core properties, and the available variants to get started. The article also conveys the main challenges impeding blockchain technology from attaining its full potential.

Blockchain Tech Makes Sustainable Development

Blockchain can readily provide a solution for delivering quality healthcare and vaccination services. No efforts or safeguards are implemented to ensure everyone’s data security and privacy. Sustainability and environmental, social, and governance have been an essential topic in the market in recent years. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. We do not allow any sharing of private or personal contact or other information about any individual or organization.

Blockchain and Sustainable Growth

As a result, anchoring energy ownership on a blockchain makes it tradeable in a secure manner. The transparency aspect of this enables real-time decision-making, which reduces information asymmetry between producers and consumers. Moreover, adding smart contracts to these solutions creates the potential to automate data collection, energy transactions and price settlements – reducing transaction costs and enabling decentralized coordination between participants. Blockchain is fundamentally a technology of trust, but transformative possibilities to benefit society more broadly are emerging. As blockchain has trust, openness and transparency built into its design, its benefits are wide-ranging and impact multiple Sustainable Development Goals . Th­e Sustainable Development Goals are a list of 17 global goals set by the United Nations General Assembly in 2015 for the year 2030.

  • These processes are highly complex, opaque, and very subjective, leading to a large amount of wastage of public money.
  • The adoption rates, as studied by Catalini and Tucker , revealed that when people who typically adopt technologies early are given delayed access, they tend to reject the technology.
  • Research has shown that only about one third of the population can understand the data and statistics that form the outputs of the open data movement.
  • Blockchain has a strong potential to be used for SDGs and social business — a non-profit business model where the investments are being made in social causes for the socio-economic development of underprivileged communities.

It is arguable how well it captures that notion of trust, or whether any technology can ever actually replicate what a human being thinks, feels and acts like when they trust and are trusted. These concepts are deeply human, as are the power structures within which digital solutions are built. ‘Truth’ on the blockchain does not leave room for interpretation, as today’s systems do. As the world moves further into a digital age, technology trends in 2023 will continue to shape the way we interact with our devices. Cybersecurity defenses are set to be at the forefront of these developments as businesses and individuals alike look to protect their data from malicious actors. This revolutionary technology will revolutionize manufacturing, supply chain management, and predictive maintenance by harnessing Big Data analytics and artificial intelligence .

Climate change continues to spark clean tech development

Blockchain technology can help achieve sustainable development in myriads of ways to impact how resources are utilized for development. At every step, participants control who is allowed to see what information. Once added to the ledger, certifications and other documents cannot be manipulated, changed or deleted. These properties make blockchain a trusted platform for sharing data across different companies while helping prevent fraud.

This “RealFi” movement is well positioned to be the catalyst that moves the entire industry out of the current crypto winter. This technology allows users to add material layer by layer to form complex shapes from a variety of materials ranging from plastics and metals to bio-materials. In the next decade, experts predict that this technology will become even more sophisticated with the development of new materials, software advancements, and increased automation capabilities. With these breakthroughs, consumers can expect an abundance of innovative products created through AM technology by 2023. Predictive analytics involves using data science techniques to analyze collected historical data in order to predict future outcomes or behaviors based on certain parameters. It has already been used in various industries, including healthcare, finance, and retail, for making decisions that can increase efficiency or reduce costs.

However, until recently, proving responsible sourcing to all these interested parties was an elusive goal, posing significant reputational, legal and commercial risks. There are already production deployments of blockchain systems in the energy sector in various use cases. Distributed ledger technology will cause a significant reduction in corruption in the existing governments and finance & energy industries across various countries. This is because most of the environmental degradation is happening due to the unnecessary intervention by these three parties. All they want is to generate profits with no care for society or ecology. With a complete record having full traceability of products from the origin to the destination, Blockchain creates an opportunity for optimization of supply-and-demand management.

For these reasons, it is important that everyone, including the United Nations, engage with these technologies to understand and learn from them. For example, UNCTAD’s customs modernization programme ASYCUDA is looking to use blockchain technology to improve its systems. The knowledge and skills on blockchain developed through this initiative could spill over to other sectors in the more than 100 countries where ASYCUDA is operational. Blockchain is potentially a key technology in a new technological paradigm of increasing automation and the integration of physical and virtual worlds.