In the latest wave of digitization comes blockchain technology, which promises to redefine trust, transparency, and inclusion worldwide. Although blockchain is an emerging technology, it has the potential to create both problems and solutions. Several people even prefer to take blockchain certifications to get a clear insight into Blockchain.
Leveraging Blockchain towards Sustainable Development Goals
In simple words, Blockchain Development is a digital ledger where transactions like Bitcoin and cryptocurrency are time-stamped and recorded chronologically. Usually, every person today can download the code and begin “mining” Bitcoin or even participate in unique networking ideas built on the Ethereum platform.
Sustainability is related to current actions’ effect on the future. For example, if natural resources run out, they may no longer be available. Thus, a vital issue for long-term sustainability is efficiently managing economic, social, and environmental resources. Currently, there are little researches on the usage of blockchain for SDGs.
Blockchain technology can bring advantages toward sustainability in four main elements.
Cybersecurity – A robust digital infrastructure resilient to cyber-attacks is needed for sustainability. Smart designs should be implemented in cybersecurity by using IoT, AR, AI, and ML technologies.
Accountability – It implies quantifying the actions’ internal and external effects and reporting them to all the stakeholders. Such reporting needs to be clear, precise, reliable, and match the global trends over time.
Transparency – It indicates that all the external stakeholders can obtain the external impact.
Traceability – It is the ability to identify and track assets from their source to the production process, distribution, and till the end of their life cycle. Sustainable Supply Chain Management (SSCM) also refers to human rights and anti-corruption laws. Therefore, it is a critical element to foster sustainability.
Two main classes can be considered within traceability:
- internal (tracking assets within the organization) and
- external (distribution of assets among various logistics systems).
Even blockchain technology training can guide you a lot about the attributes of sustainable growth.
How is Blockchain helpful for Sustainable Development in Healthcare Industry?
Health Records: Current healthcare system depends on electronic medical records. Patient medical records become lengthy and more complicated as time goes. A few enterprises are trying to tackle this issue with the help of blockchain. They are –
- IBM Digital Health Pass
The objective is to provide patients with total authority over their medical history and provide patients and doctors with easy access and data security.
Supply Chains: The pharmaceutical business has stringent product safety, security, and resilience standards. Supply chain management may be safely and sincerely tracked using blockchain.
- Track expenses, labor, and even waste in emissions at any stage in the supply chain.
- Inspect the validity of items
- Companies like Blockpharma, Chronicled, Modum, etc., are already operating to make blockchain logistics more smooth.
Genomics Market: Companies like Nebula Genomics, Encrypgen, etc., are functioning to build sustainable blockchain technologies that permit individuals to safely share genetic data in a newly developing industry.
These companies want to leverage blockchain technology to –
- Enhance genomic data security
- Smoothen the process for buyers to acquire genomic data and
- Manage the issues of extensive genomic data.
The sustainable blockchain permits educational institutions to maintain digital records such as identity, assignment completion tracking, badges, transcripts, attendance, student records, infrastructure security, and other data storage. Also, the merging of blockchain certifications in the schooling method can make the learning experience much enjoyable for every student.
One can assure the sustainable food production methods along the crop production life cycle with the traceability properties of the blockchain by ensuring food security and avoiding malpractice.
Smooth access to financial services facilitates women’s empowerment and independence. For instance, Hiveonline assists women by blockchain via the Loan Association (VSLA) and CARE Village Savings program to access loans and markets with a reputation. Such a financial infrastructure lowers the risk of lending and the cost of cross-border payments.
There can be improved access to literacy as blockchain uses Information and Communication Technologies (ICT). Also, the inner aspects of blockchain remove trust issues and encourage the creation of new types of government that may produce equal chances for women leadership.
The role of blockchain in agricultural supply chains is significant.
- Connecting agricultural logistics with the monitoring process adds value to farm yields because the recipient can track it to verify the authenticity and allocate higher value.
- Manage silos and storehouses intelligently, or use them in the field as a means to trace real-time data regarding crops and livestock.
- IOT-linked technologies, such as detectors and sensors, deliver greater insight into smooth operations, high yields, and risk mitigation requirements.
- Incentivize eco-friendly and sustainable approaches to create a premium value for animal and farm produce.
- Food waste can be lessened by sensor-based tracking of crops and yields.
- Simplify payments more cost-effectively, including trade financing and agricultural subsidies.
- Understanding market demand and global trends will promote fairer pricing and risk mitigation.
Companies operating with these concepts are Digital Green, AgroTrust, Arthanium, etc.
What is the situation of India in creating a sustainable blockchain future?
- The Commission declared a national scheme called Indiachain two years back.
- The Bank of USA adopted an excellent approach to block-chain technology and a separate policy for blockchain-based currencies.
However, it will be more comfortable to use blockchain technology at the state level in India than at the national level.
- United States has tested out a fixed number of blockchain-based schemes in the agriculture, real estate, and transport industry.
- But we can say that they has done an excellent job by taking the duty of motivating other states. Lately, the ‘Block-chain Strategy – 2020′ was declared.
We should execute comprehensive technologies like cryptocurrency and block-chain at the state level, requiring a precise strategy. Otherwise, it will be tough for any scheme to meet sustainable goals. Definitely, USA is also bringing the efforts needed for sustainable blockchain – because SDG is the future. If you think about learning block-chain, make sure you get the best blockchain certifications.