Blockchain and Its Impact on the SDGs

Blockchain Technology And The Changing World

Today, when we hear of blockchain, we think of cryptocurrency and how it is disrupting the way we deal with cash all around the world. However, the technology itself has so much potential that restricting it to just cryptocurrencies is a disgrace. Blockchain has the potential to transform industries around the world and make them impenetrable, safe and secure from all external malicious factors. Not only that, it provides the stakeholders with the right direction to lead their operations with more certainty and faith in the system.

According to the stats, it is expected that the global blockchain technology market is estimated to accumulate $20 billion in revenue by 2024, therefore, now more than ever, it is being adopted by various industry giants. It is safe to say that blockchain is reaching its potential throughout the economic sphere. As much as the technology is decentralized, all the stakeholders involved in a business become capable of controlling their operations rather than relying on a central authority to perform core activities. When every individual is held accountable in a peer-to-peer network, the productivity levels tend to go higher as the responsibility increases. It leaves no room for slacking on any stakeholder’s part and therefore, the business is destined to succeed.

Ready to Be Amazed? Explore the Top Blockchain Development Trends That Will Transform Industries.

Problems that we face today

To understand how blockchain is changing the world and how it can help us achieve the UN SDGs agenda, we must look into the problems we face on a global scale. These problems can be jotted down in collective terms such as, climate crisis, gender inequality, public health, wildlife and marine conservation, socio-economic development, quality education etc. The impact of these problems is faced on a global level which is why dealing with them in time is highly crucial to sustain the life on Earth.

Now, we have technology aiding us in all the different industries by enabling basic to high-level functioning. Therefore, it is technology that is going to come for rescue as we try to deal with these problems. Today’s systems, as secure as they claim to be, are now more susceptible to cyberattacks and illegitimate practices. Now, businesses have to deal with these threats and to curb that, they look into impenetrable systems with a highly sophisticated technology. Such a technology has been introduced in the world and it is now more than a decade old. It’s called blockchain! Blockchain is the solution to these problems and in this blog, we will discuss how blockchain can help us achieve most of the UN SDGs and accelerate their impact by 2030.

As the United Nations successfully concluded its Millennial Development Goals in 2015, the committee decided upon a 17-point agenda known as Sustainable Development Goals, to be achieved by 2030. These goals are a result of a three-year process involving 83 national surveys engaging over 7 million people, making it the biggest consultation in UN history. All the problems that we face at a global level, have been taken under consideration while forming these goals and it is with confidence that these goals can create a considerable impact on protecting this planet.

Blockchain: One For-All Solution For Global SDGs

Blockchain technology has been known for its ability to provide a sophisticated platform to ensure transparency, accountability, traceability, and impenetrable security, all on a decentralized, peer-to-peer network. The core technology can be incorporated into all the existing systems to improve their capacity and develop new ones with a better output and functionality.

Blockchain technology holds to key to solving much of the SDGs by 2030, only if there are enough investments to make it work. It can be said with confidence that Blockchain is the solution for achieving these SDGs. UN has rolled out many tenders out for public procurement of blockchain systems in each of the sectors and it is safe to say the competition is high. Immerging investors are realizing the potential of blockchain as an integral part of disrupting the industries around the world and they are not holding back their money. Today, is the right time to invest. Want to know about this in more detail? Click here to get in touch.

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