Today, the carbon emission, which causes global warming and climate change, has increased gradually with the rapidly increasing production to meet the needs of the world population and has become a problem to be solved. In the meetings held recently on prevention of carbon emissions, authorities came together and started to come up with solutions. At this point, steps are being taken to reduce carbon emissions and make the planet a sustainable development with blockchain and digital money technologies that have been discussed in recent years.
The most talked about topic of the World Economic Forum this year was how to save the planet. Prince Charles from Britain announced that the Sustainable Markets Initiative was established in cooperation with the World Economic Forum in order to identify the ways to decarbonize the global economy and to make transition to sustainable markets. On the one hand, Microsoft CEO Satya Nadella stated that data privacy should be seen as a fundamental human right.
Sumedha Deshmukh, World Economic Forum’s Blockchain and Digital Currency Officer, stated in an article he published that changing traditional approaches in the fields of production, management and supply chain for sustainable development plans and using blockchain technology in these areas with the right use can provide significant benefits for the future.
According to Sumedha Deshmukh, blockchain technology for sustainable development purposes; It can be effective in creating flexible and transparent supply chains, creating stronger and more accountable public institutions and encouraging a conscious use of resources.
Footsteps of Blockchain and Digital Money Started to Be Heard in 2020
Sumedha Deshmukh pointed out that in 2020, when a global digitalization wind began to blow with the Covid-19 outbreak, blockchain technology was actually implemented at some points within the scope of sustainable future planning; He emphasized that this year is an important year for laying the foundations of digital money and digital identity.
Stating that studies such as the Global Digital Finance Code and Presidio Principles are important steps in the standardization of blockchain technology, Desmuhk stated that these studies should ultimately be realistic and based on the principles of consumer protection.
The article also stated that some organizations such as the Human Rights Foundation and the American Red Cross have long accepted donations with cryptocurrencies, and that sustainable future planning has also seen an increase in the use of digital money. Accordingly, UNICEF has recently announced the Crypto Fund.
Desmuhk stated that the use of blockchain is becoming more widespread while the discussions of central banks on digital currencies and fiat currencies in the world, and cited the use of blockchain technology to verify identity in the Building Blocks project of the World Food Program.
Stating that blockchain and digital identity technologies will be effective in sustainable development plans in the future, Desmuhk stated that existing initiatives, which are still in the early stages, will be a building block on the way to future success.
3 Main Focal Points That Need To Be Worked On:
Establishing flexible and transparent supply chains
According to Sumedha Deshmukh, World Economic Forum Blockchain and Digital Currency Officer, with the Covid-19 epidemic, which has affected all over the world today, the disruptions and vulnerabilities of global supply chains have become apparent. In order to deal with these problems, there have been initiatives that started blockchain research or accelerated their current work. For example, multinational development banks such as the Asian Development Bank and the Inter-American Development Bank have started blockchain research. The UNICEF Innovation Fund has used blockchain technology to track a vaccine distribution in India. In addition, AB InBev company used blockchain to provide transparency in pricing local crops in Zambia.
According to Sumedha Deshmukh, who stated that the problems in the supply chain could not be completely solved as a result of the researches and experiments carried out, the working structure of the global supply chain should be reconsidered effectively, significant cooperation should be established in the production and distribution network, and the issue of data integrity should be taken into consideration.
Creating strong and transparent public institutions
According to Deshmuk, who says that public institutions are one of the biggest sources of government expenditures, in this context, the biggest source of official corruption around the world is again public institutions. Public institutions, which have a complex and insufficiently transparent structure, can become the center of extravagance because they cannot be put in an accountable position. Emphasizing that blockchain technology can be used to increase external surveillance in this regard, Deshmuk stated that although blockchain alone is not enough, it can be a powerful tool with the tracking models created by Transparency International and the Partnership for Transparency Fund.
Promoting the conscious use of resources
Deshmuk stated that when the climate change and human rights issues that determine the agenda of the World Economic Forum this year are discussed, the importance of displaying a conscious behavior in production and consumption has emerged; He mentioned that blockchain technology has begun to be researched and used in places for monitoring carbon emissions, transparency of the supply chain and ethical sourcing.
Stating that the moves to be made in line with these focuses should be done carefully and in good faith, Deshmuk finally stated that he believes that sustainable future plans will be successful in the future.