![]() ![]() It warns that such behaviour, combined with the lack of regulation and the swift pace of innovation, is a recipe for financial bubbles and bursts.įor instance, in early February, the price of bitcoin rose to never-before-seen highs, jumping to nearly $60,000 per bitcoin, then it fell to around $50,000 a few weeks later, but it may still climb higher. “For most of the innovations in this field, the goal is to profit by extracting rents through financial intermediation and speculative gains in crypto-financial assets instead of creating real value through new products and services,” the paper says. Promising but dissociated from real economyĪn UNCTAD paper says blockchain technology has the potential to be used in many applications that could contribute to sustainable development, but its innovation currently focuses on financial applications dissociated from the real economy. ![]() He said blockchain-enabled services have boundless prospects on the continent and could help enhance economic prosperity, as there are 1.4 million people in Africa holding cryptocurrencies. “A young population, high mobile connection penetration and well-established infrastructure are the main drivers contributing to the accelerating adoption of blockchain and digital currencies in Africa,” Mr. ![]() It also powers mobile money transfer services, enhancing financial inclusion on the continent. Bademosi, in Africa the technology is mainly applied in international transactions and used as a means of exchange and a store of value. Yele Bademosi, chief executive officer of Bundle Africa and founding partner at Microtraction, highlighted the rising demand in Africa for cryptocurrencies and other blockchain-enabled products.Īccording to Mr. Other experts on the CSTD inter-session panel underlined the fast-growing adoption of the blockchain technology to spur development in various parts of the world. 1.4 million people with cryptocurrencies in Africa Its sessions provide foresight about critical trends in STI in key sectors of the economy, drawing attention to emerging and disruptive technologies. Hosted by UNCTAD, the CSTD is the UN focal point for science, technology and innovation (STI) for development. ![]() Miyaguchi told the UN Commission on Science and Technology for Development (CSTD) at its inter-sessional meeting on 20 January. Other Ethereum-powered projects are making their mark in areas such as COVID-19 vaccine supply chains, healthcare, cash assistance and circular economic systems, Ms. The foundation is also supporting a project aimed at providing crop insurance to smallholder farmers in Kenya based on blockchain technology. From crop insurance to COVID-19 supply chainsīesides the UNICEF CryptoFund, the Ethereum Foundation has also helped create OS City, a platform that builds blockchain solutions for governments to increase trust and reduce corruption, deploying the game-changing technology for the benefit of the public sector. Its native cryptocurrency, ether, is the second-largest digital coin behind bitcoin. Miyaguchi’s team has developed the second-most valuable blockchain network – Ethereum. It’s the technology that underlies cryptocurrency and its application is expanding widely in our increasingly digitalized world. In simple terms, blockchain creates a decentralized and secure digital ledger of all transactions across a peer-to-peer network. “Our ecosystem has taken the lead in many areas and we continue to focus on where we’re needed the most.” “Together with UNICEF, we're harnessing the promise of blockchain to improve access to basic needs, rights, and resources,” she said. She believes blockchain could revolutionize development work by increasing financial transparency and accountability and by generating important savings in time and fees. Her foundation has helped the UN children’s agency (UNICEF) use the frontier technology to create a fund to raise donations of cryptocurrencies, such as bitcoin, for its work. Aya Miyaguchi, executive director of the Ethereum Foundation, is committed to using blockchain to change people’s lives. ![]()
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