With Blockchain solutions, we can accelerate the impact of UN SDGs by creating a solution that can result in a domino effect from one goal towards the other in achieving them. For instance, if blockchain is being incorporated into the banking systems, it will accelerate financial transactions which will facilitate small businesses with their money management. That promotes, financial inclusion, economic growth, sense of awareness etc.
Let’s discuss some of the most integral UN SDGs in which blockchain is growing more popular with its solutions:
- Blockchain for SDGs #4 Quality Education
Quality education is the right of every individual without any discrimination. The double standards of education have divided the society today. Now it’s the right time to bring the educational ecosystem on a decentralized network to promote a fair distribution of education while also protecting the integrity of academia. When the entire educational records and data are stored and managed on a blockchain, it is simply impossible to claim any unearned educational credit. During this Covid19 era, all the students and teachers have fallen bound to online mode of education and it is a known fact that the educational ecosystem has been greatly impacted due to the recent lockdowns. There was no such system in place that could have adapted to the pandemic. However, schools adjusted their operations and somehow made things work. Only problem they faced is that they were just making things work at the expense of compromising their cybersecurity.
That’s where blockchain solutions come in since they can improve and secure the ways of E-learning and mobile learning through blockchain technology. It can put an end to paper-based system for certificates, awards, recognition, transfer of credits and degrees by issuing them digitally in a permanent and secure way. Through blockchain, individuals will be able to store and verify their entire formal achievements records from one platform. The idea behind this concept has been termed as “Lifelong Learning Passport”.
With such facilitation, the education system becomes efficient and encourages more productivity amongst the students and teachers through the use of smart contracts.
- Blockchain for SDGs #6 Clean Water And Sanitization
Half the population on the Earth lacks access to basic sanitation facilities. Whereas, quite recently, Africa has been under a lot of water stress due to shortage throughout the continent. The water supply network lacks transparency and traceability which has resulted in multiplying their problems. The water infrastructure around the world is struggling to regulate with its full potential and effectiveness which is why analysts are suggesting a 40-percent gap in global water supply and demand by 2050.
To cater to the growing problem, blockchain technology is being looked upon as the perfect solution to regulate the water infrastructure on a global level without worrying about the security and efficiency of the system. These new ventures will enable blockchain to handle payments and settlements processing in the water industry along with powering the existing iOTs to improve usage and water quality reporting.
Blockchain Technology can disrupt the water industry through smart iOT management systems and by intense digitization of water supply network with complete accountability and traceability. It will enable the systems to provide a secure, transparent and distributed ledger to record transactions between parties. Blockchain-based technology could fundamentally transform the way water resources are managed and traded though the world.
- Blockchain for SDGs #7 Affordable And Clean Energy
Blockchain is encompassing all the major industries and it is now going to enable the energy sector to produce clean energy to reduce the impact on our depleting natural resources.
Smarter electricity grids, powered on blockchain, can produce transparent energy choices which could bring clean energy as a mainstream option. These blockchain-powered grids can also contribute towards SDG #10 Reduced Inequalities while providing cheaper and cleaner energy options to all the areas either developed or underdeveloped. Many experts are saying that Blockchain could be one of the many solutions to long term reduction of carbon emissions and help promote sustainable development across the world.
Blockchain can enable platforms which promotes peer-to-peer renewable energy trade, allowing consumers to to buy, sell or exchange renewable energy with each other. They can use tokens or tradable digital assets that represents a certain amount of energy production.
- Blockchain for SDGs #8 Decent Work And Economic Growth
Blockchain technology has the power to transform the current financial infrastructure to a level where all the barriers of current systems are taken down. It can transform all the institutions and industries with full-proof security of the data and operations along with complete transparency and accountability of all the stakeholders. There is no room for the corrupt officials to tamper with any of the data and each and every transaction occurred on the block becomes auditable.
Such a system has the power to promote and show significant impact on the SDG #8. When all the stakeholders are held responsible, every individual will be focused with their work without wagging their tail into someone else’s business. When stakeholders are sincere and loyal to the business operations, the businesses start to flourish, which perceptibly promotes economic growth.
- Blockchain for SDGs #13 Climate Action
A lot of experts at the UN are of the opinion that Blockchain technology has the potential to change the world and help us combat climate change. Since, UN declared global emergency, the world has approximately 10 years to roll back carbon emissions and avoid the worst impacts of climate change. Various cutting-edge technologies must be acquired to power climate action projects especially blockchain technology since it can be incorporated in all the digital spheres to promote a more equal and just society. However, it can be used to directly have a huge impact on the Paris Climate Change Agreement agenda. There are a lot of pilot projects that are taking their first steps towards projects which are going to aid the global fight against climate change.
Blockchain can ensure businesses to deal with their financials in a transparent way to avoid any mishap and encourage the practice of crowdfunding and peer-to-peer financial transactions in support of the SDG #13. Many companies have started working towards this goal and have actually started implementing blockchain into transforming carbon asset transactions. It will record the transactions on a public blockchain and ensure their transparency and validity.
Ready to Be Amazed? Explore the Top Blockchain Development Trends That Will Transform Industries.
Wrap Up!
Blockchain technology is going to be at the forefront of achieving these UN Global Goals for sustainable development. There is enough awareness amongst the industry leaders and many have invested themselves into acquiring this future mainstream technology at the earliest to keep themselves on top of their game. Yet there are endless opportunities for more businesses to start investing in blockchain technology. Learn more about blockchain development and contact us at info@reactivespace.com if you want to transform your business on blockchain technology.
