The UN called cryptocurrency "new frontier" in the world of finance

Cryptocurrencies and blockchain technologies can rid the world of the need to trust centralized institutions, reduce bureaucracy, create new business models and significantly improve management efficiency. This is stated in the latest UN report “World Economic and Social Survey 2018. Frontier technologies for sustainable development”.

Referring to the creator of Bitcoin Satoshi Nakamoto and his proposed model, the authors of the report , in particular, call the cryptocurrency “a new frontier in the field of digital finance”.

“The innovation of this system is how different parties can work together to create trust and guarantees, while the traditional financial system is based on institutions and regulation. Stimulating factors unite the interests of participants, forcing them to contribute to safety. The traditional system at the same time relies on the complex construction of reports, supervision and guarantees, supported by the reputation of one central agency. Thus, the blockchain technology creates the first in the field of finance the possibility of replacing trust with a computer code, ”the document says.

The UN noted that there are already decisions on the use of blockchain technology for registering property rights, personal identification and proof of the origin of food and medicine.

The report also mentions Climatecoin, which is the basis for creating a global carbon accounting system, within which a direct exchange of credits for emissions and Internet connectivity is possible. ” It is also assumed that the devices themselves would be able to calculate emissions and purchase carbon credits.

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

Recall that last year, the United Nations Office for Project Services (UNOPS) announced a partnership with the IOTA Foundation to integrate the IOTA Ledger distributed accounting system into its work processes.

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