To address concerns like poverty, injustice, environmental degradation, and other problems by 2030, the United Nations created 17 global goals in 2015. These Sustainable Development Goals (SDGs) represent the greatest global collaboration ever seen in human history. Over 100 countries have already adopted the SDGs. It gives participants a framework and road map for achieving long-term worldwide prosperity and encourages them to take individual and collective actions for the betterment of the entire planet.
In this article, let’s learn about how Blockchain is helping in attaining the SDGs on a global level.
Government organizations and technology partnership
Governments and organizations worldwide have been concentrating on employing various technological tools to manage risks associated with almost all parts of the world during the past few years. Blockchain is a tool that has the potential to be highly effective.
Blockchain is a decentralized, digitally distributed ledger that aids in transaction tracking and validation from a technical standpoint. Despite the fact that Blockchain is best known for the technology that powers Cryptos like Ethereum and Bitcoin, governments and organizations (like the UN) are looking for ways to incorporate Blockchain into SDGs and solve significant issues globally, which can include economic well-being, social equality, and environmental sustainability.
Looking at the SDGs in a nutshell, they address various issues, including poverty, hunger, health, education, gender equality, climate change, clean energy, cities, oceans, and much more.
How is Blockchain helping in attaining SDGs? (Use cases)
Blockchain offers several advantages and affects numerous SDGs because security, trust, and transparency are ingrained in its architecture. Let’s examine a few SDGs and how Blockchain is assisting them.
- Goal 1: No poverty
Blockchain enables access to fundamental services without raising the price for the economically weaker section by giving them a digital identity with which they can easily access those services.
- Goal 3: Health and wellness
It is a fundamental right of any person to have ownership of their unique medical history without the need for any geographical boundaries. And, Blockchain can quickly help the government and organizations in attaining this.
- Goal 7: Affordable and non-pollutant energy
Applications are now created with Blockchain technology that enables energy traceability and the tracking of CO2 footprints produced by businesses, allowing them to establish bonus programs using tokens to save energy and reduce pollution.
- Goals 8 & 12: Decent work and economic growth & responsible production and consumption
Blockchain technology enables safe and transparent traceability, ensuring that the commodities we consume are not manufactured under human exploitation conditions, like the employment of minors or the paying less for labor. Moreover, because of the constant guarantee of moral behavior across the whole supply chain, this always has an impact on an increase in the capital flow for underdeveloped sectors. Therefore, one of the perks of this Blockchain technology is fair trade.
Those mentioned above are some of the significant SDGs that have implemented Blockchain technology. It’s evident that Blockchain can play an essential role in achieving those goals.
The basics of Blockchain—openness, algorithmic consensus, and shared distributed record-keeping—represent an uncorked technological genie. Additionally, it appears promising that future developments may solve many issues that currently restrict various Blockchain implementations, like scalability, poor transactional throughput, and the enormous amounts of energy required to reach consensus on specific platforms.
It’s positive to note that many innovators are already striving to apply this technology to solve the major problems mankind is now facing. In the process, they will also disrupt many long-standing institutions, gatekeepers, and intermediaries of centralized economies.
Many of the most intriguing and appealing applications for Blockchain technology are still to be envisioned, as we are just beginning to explore its possibilities. But there are great opportunities and motivation to generate value in a responsible manner thanks to the UN Sustainable Development Goals.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.