0xRandomThought - 02. Blockchain
One of the most useful aspects of cryptocurrencies, as far as the UN is concerned, is transparency.
Because the technology is resistant to tampering and fraud, it can provide a trusted and transparent record of transactions. This is particularly important in regions with weak institutions and high levels of corruption.
The World Food Programme (WFP), the largest UN agency delivering humanitarian cash, has found that blockchain can help to ensure that cash gets to those who need it most.
A pilot programme in Pakistan showed that it was possible for WFP to get cash directly to beneficiaries, securely and quickly, without the need to go through a local bank. The project, Building Blocks, has also been successfully trialled at refugee camps in Jordan, ensuring that WFP could create a reliable online record of every single transaction.
If this can work for refugees, it can also work for other disadvantaged, vulnerable groups. The authors of a report by the UN environment agency, UNEP, suggest that the technology could improve the livelihoods of waste pickers, who eke out a living in the informal economy.
A transparent monitoring system, says the report, could accurately track where and how the recovered waste is used, as well as identifying who picked it, ensuring that the right people are rewarded for their efforts.
UN News (20 June 2021)
“Sustainability solution or climate calamity? The dangers and promise of cryptocurrency technology”
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