UN Report: Blockchain New Frontier for Finance World
- TLDR: A report from the UN has heralded a blockchain new frontier for the finance world.
- The end of year World Economic and Social Survey was published by the UN’s Department of Economic and Social Affairs.
- Despite the ongoing bear market, the UN recognised blockchain technology and digital currencies as a “New Frontier” for finance.
- The report also recognises the potential of blockchain technology to combat climate change and child trafficking.
According to the report, digital currencies provide innovative solutions to the existing world of finance, reducing the need to trust governments and improving efficiency.
This blockchain new frontier isn’t just limited to the finance world, the report cited child trafficking, climate change and many other industries that will likely benefit from this new technology.
Here are the highlights, and click here to read the full report.
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments.”
“In contrast, the traditional system relies on a complex armature of reporting, oversight and implicit or explicit guarantees, ultimately backed by the reputation of the central authority. As such, the blockchain technology presents the possibility—a first in the field of finance!—that trust in institutions backed by government can be replaced by trust in computer code.”
“A value token called climate coin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions.”
“there are also proposals for using blockchain technology as a distributed ledger of real-world information on property registration, personal identity, and provenance of food and medicines, among many other types of data. The United Nations and the World Identity Network are exploring ways to register the identities of children on a blockchain as a means of combating child trafficking. “
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