Article: UN sees blockchain technology as tool to fight climate crisis

Blockchain, Governance, Innovation

UN sees blockchain technology as tool to fight climate crisis

U.N. experts are confident that “cryptocurrencies and the technology that powers them can play an important role in sustainable development, and actually improving our stewardship of the environment.” Specifically, the article points out a number of environmental and sustainability benefits associated with blockchain, including its power to enable transparency and resistance to fraud, climate finance and clean energy markets.

Citing the U.N. Environment Programme’s partnership with the Technical University of Denmark, the article states that data on harmful greenhouse gas emissions is unreliable and incomplete in many countries. In providing an immutable record of carbon data, blockchain solutions can provide a transparent way for nations to take action to reduce their impact on the climate.

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Article: Legalization of Cryptocurrency will Kickstart Economic Development in Latin America

Crypto, Governance, Innovation, Money

Legalization of Cryptocurrency will Kickstart Economic Development in Latin America

The popularity of cryptocurrencies around the globe has forced governments to reconsider their initial stances on cryptocurrency acceptance within their specific borders.

In June 2021, El Salvador became the first country in the world to approve Bitcoin as a legal tender. Other Latin American governments including Paraguay, Panama, Brazil, and Mexico, have expressed similar interests in supporting cryptocurrencies as legal tender.

Cryptocurrencies act as a uniquely safe economic instrument in a region plagued by government corruption, interference, and low productivity. In this respect, the adoption of cryptocurrencies as legal tender serves to guarantee some semblance of economic stability for countries in Latin America, allowing for a true launch of economic development initiatives into the digital age.

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Article: Hybrid smart contracts will replace the legal system

Blockchain, Governance, Innovation

Hybrid smart contracts will replace the legal system

Unlike traditional contracts, smart contracts are executed by the blockchain, which means that no external court system is required to execute the contract. Without an expensive court system, contracts would be cheaper, so more peer-to-peer transactions can be managed by contracts rather than trust.

Contracts between companies located in different countries are often challenging because of the high cost of navigating in different court systems, and often the judicial system of one country has limited powers over companies in other countries. Hybrid smart contracts do not have this weakness; they cannot see nationality at all.

Enforcement of traditional contracts through the courts is not only costly, but also brings uncertainty to the results. The lawyer will always have the opportunity to discover some mysterious loopholes buried in the basement of the haunted house, making the contract completely invalid. Even if the contract is impeccable, the contracting parties rely on the continued goodwill of the government to ensure that the contract is executed.

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Article: Blockchain Technology For Better Governance

Blockchain, Governance, Innovation

Blockchain Technology For Better Governance

Blockchain technology has the potential to make government operations more efficient. It can improve the delivery of public services and establish greater trust. Most government departments work in silos. The lack of interconnectedness across departments foments a larger concern about data integrity and consistency.

It is essential for departments to aggregate multiple digital identities accorded to citizens for making cross-referencing easier. This is what blockchain technology does.

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Article: How blockchain empowers smart cities — and why interoperability matters

Blockchain, Governance, Innovation

How blockchain empowers smart cities — and why interoperability matters

Advanced technology including blockchain can play a key role in solving these societal issues and achieving efficient urban management. Blockchain enables network participants to exchange data with a high degree of reliability and transparency without the need for a centralized administrator. Cities have a variety of stakeholders and the exchange of data among stakeholders is essential for highly convenient urban services.

Smart cities can learn from a recently published framework for interoperability, which presents a three-layer model for blockchain use:

  • The business model layer
  • The platform layer
  • The infrastructure layer

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Article: The Node: Regulating Intermediaries in a DeFi World

Blockchain, Decentralized Internet, Governance, Money

The Node: Regulating Intermediaries in a DeFi World

The pace of innovation in crypto is difficult for regulators to keep up with, especially considering that, until now, there hasn’t been a proactive, cohesive, industry-wide attempt to manage the industry. Despite operating under a hodgepodge of rules, frameworks and recommendations, crypto has ballooned. And regulatory attention with it.

“The existing framework is simply inapplicable to a system predicated on the absence of intermediaries,” Director of the Blockchain Association Kristin Smith said in an interview following her Consensus 2021 appearance. This is an important point: Decentralized tools exist as the antithesis of a financial system where trusted custodians are needed to manage one’s money.

Article: Leveling the Playing Field: Accelerating ESG Funding in Developing Regions—Could Blockchain Be The Answer?

Blockchain, Governance, Innovation

Leveling the Playing Field: Accelerating ESG Funding in Developing Regions—Could Blockchain Be The Answer?

To encourage greater inflows of capital into sustainable infrastructure, it is necessary to lower the barriers to entry, which is especially necessary for emerging markets. This can be made possible by leveraging emerging technologies such as blockchain and tokenization technology. By digitizing and fractionalizing equity, large sustainable infrastructure such as solar panels or wind turbines—often seen to be exclusive and inaccessible—can be made more liquid, accessible, and tradable with the creation of digital “tokens” representing a share of the underlying asset. With the enhanced liquidity, asset owners can now secure capital from a substantially larger base of potential investors—a benefit especially important for sustainable asset owners from emerging markets—reshaping the sustainable infrastructure sector to benefit developing and emerging markets alike.

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Article: Open-source software as a force for good in local government

Governance, Open Source, Software

Open-source software as a force for good in local government

The benefits of open-source software are well known and understood – large communities of developers creating, refining and improving code to create robust platforms that can be downloaded and used, free from commercial licence costs. It is a tantalising proposition that promises a practical solution to the problems of digital transformation. So why is it so difficult? The answer lies in the word community. A community of developers can build great software, but it needs a community of end-users to turn that software into turnkey solutions for a specific purpose.

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Article: Potential of Blockchain for Financial Inclusion in Nigeria

Blockchain, Governance

Potential of Blockchain for Financial Inclusion in Nigeria

There is an opportunity for the global financial services sector to gain USD 380bn in revenue annually on the back of including the unbanked and underserved.3 71% (USD 270bn) of this amount is attributed to closing the MSME credit gap. Blockchain has the potential to drive access to finance for MSMEs, to achieve this target and potentially generate revenue for the financial services sector.

Blockchain also has the potential to generate about USD 110bn simply by including unbanked adults into the formal financial system and raising their financial services spending levels.3 Person-to-person payment solutions that ride on blockchain technology and augmented by an agency network can facilitate low cost and fast transaction services, especially for the bottom of the pyramid.

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Article: Decentralized parties: The future of on-chain governance

Decentralized Internet, Governance

Decentralized parties: The future of on-chain governance

Political decentralization is the only way citizens can have a definitive say in the governance of their communities and lives. The desire for change in the political landscape is palpable and reflected in the growing voter absenteeism in many nations. Though decentralized parties will initially lack political influence, the craving for empowering technologies and purer forms of democracy will stimulate adoption over time.

The elimination of centralized power authorities would help protect citizens from government overreach and corruption, reduce bureaucracy and improve the speed at which laws and policies are passed.

We can use blockchain technology to help improve the voting process. Blockchain voting systems are currently being tested by several nations worldwide and have already been used in the United States: in West Virginia during the 2018 midterm elections and in Utah during the 2020 presidential election.

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