Blockchain
Blockchain reached the peak of the tech hype cycle when non-fungible tokens (NFTs) and cryptocurrencies became a hit in the 2022 market; however, blockchain holds more potential than a mere token, however lucrative. Blockchain can be applied to documenting supply chain performance with increased efficiency; facilitating transparent property transactions; preserving legal evidence; and providing a secure and reliable structure for financial, administrative, and health data.
International Telecommunication Union (ITU) and the International Organization for Standardization (ISO) are heavily involved in standardising the field of blockchain and distributed ledger technology (DLT), tackling issues from data protection to security requirements. ITU also conducts studies on the applicability of blockchain as the infrastructure for central bank digital currencies (CBDCs) and the technology’s environmental impacts. The UN Joint Inspection Unit (JIU) is driving the conversation on using blockchain in the vast UN ecosystem. The UN Economic Commission for Europe (UNECE) is further exploring the possibility of adopting blockchain in trade facilitation processes.
