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UN considers the dangers and promise of cryptocurrency technology

Experts at the United Nations (UN) believe that cryptocurrencies and the technology that powers them – blockchain and distributed ledger technologies (DLT) – can play an important role in sustainable development, and improving stewardship of the environment.

An article from UN news, says that while cryptocurrency mining has been labelled “one of the most fundamentally pointless ways of using energy,” blockchain and DLT can provide important facilities to support UN programmes and initiatives. The article states that, from a UN perspective, one of the most useful aspects of these technologies is transparency. It argues that as the technology is resistant to tampering and fraud, it can provide a trusted and transparent record of transactions. This is particularly important in regions with weak institutions and high levels of corruption.

The World Food Programme (WFP), the largest UN agency delivering humanitarian cash, has found, says the article, that blockchain can help to ensure that cash gets to those who need it most.

Read the full story here.

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