UN annual report recognizes the Potential of the Blockchain and crypto-currencies
Home News UN annual report recognizes the Potential of the Blockchain and crypto-currencies
Marcus Misiak –
In an annual report on the world economy, the United Nations, crypto-currency, call it a “new frontier” in the digital financial system. According to the UN, Blockchain technologies in General, have the potential to create new and revolutionary business models that reduce the administrative burden and the efficiency dramatically increased. But also crypto currencies are self-described as a great Innovation.
The new report of the United Nations, called the “World Economic and Social Survey 2018”, elaborates on the benefits of crypto, Blockchain and Distributed Ledger technology.
The most important statements we have the following collected:
Crypto-currencies represent a new frontier in digital Finance, and their popularity is growing. The decentralized networks for crypto-currencies, like Bitcoin, is a well-known example, can keep digital transactions in the eye. They allow the exchange of values, and can bring new business models which would otherwise require significant regulatory and institutional commitments.
There are also suggestions for using the Blockchain technology a distributed Ledger with real information about the registration of ownership, personal identity, and the origin of food and drugs, as well as many other types of data. The United Nations and the World Identity Network to examine ways to register the identity of children in a Blockchain, in order to combat the trafficking of children.
Crypto currencies as an Innovation
With respect to crypto currencies and technology in the report:
The innovation of this system [crypto-currencies] lies in the way the different parts work together in order to create trust, and ensures that the traditional financial system consisting of institutions and regulators. The incentives to align the interest of the participants, for the safety of the system. In contrast, the traditional System is based on a complex armature of reporting, supervision, and implicit or explicit guarantees that are ultimately backed by the reputation of the Central authority. So the Blockchain technology offers the possibility of a Premiere in the financial sector !-, the confidence in state-sponsored institutions can be replaced by trust in the computer code.
The full report can be found here.
The interest of the UN to Ripple and IOTA
Even if the financial statements report mentions neither Ripple, nor IOTA, in particular, is not the first Time that the UN expresses currencies your interest in the Blockchain, and Crypto. In may 2018, the United Nations office for project services (UNOPS) introduced a cooperation with the IOTA, in order to examine how the innovative technology of IOTA, the efficiency of the UNOPS operations can increase. In the press statement it was said that it is not a question of a mediator goes through the Blockchain unnecessary.
UNOPS also already Ripples of the technology for cross-border payments, according to a report by the Association for Financial Professionals by the end of 2017 was looking for.