Cryptocurrency and blockchain technology can save the world from having to trust centralized institutions, reduce bureaucratic red tape, create new business models and to significantly improve the management efficiency. This is stated in the latest UN report “World Economic and Social Survey 2018. Frontier technologies for sustainable development”.

Mentioning the Creator of bitcoin Satoshi Nakamoto and proposed model, the authors of the report, in particular, called cryptocurrency “the new frontier of digital Finance.”

“The innovation of this system is how the different parties can cooperate, creating trust and assurance, while the conventional financial system is based on institutions and regulation. Stimulating factors unite the interests of the participants, forcing them to contribute to safety. The traditional system at the same time relies on a complex system of reporting, supervision and guarantees, backed by the reputation of one Central office. In this way the blockchain technology creates the first in the field of Finance the possibility of the replacement trust computer code”, — the document says.

The UN noted that there already exist solutions to use blockchain technology for registration of rights of ownership, personal identification and proof of origin of food products and medicines.

The report also mentioned Climatecoin, which is the basis for creating a global system of accounting for carbon emissions, in which the direct exchange of credits for emissions or Internet connection is prophetic”. It is also assumed that the devices were able to calculate the level of emissions and purchase carbon credits.

In addition, the report says, the UN together with the World Identity Network, is exploring the possibility of using the blockchain technology to combat the phenomenon of trafficking in children.

Recall that last year, the Office of the United Nations for project services (UNOPS) announced a partnership with the Foundation for IOTA to implement a distributed accounting system Ledger IOTA in their work processes.

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