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UNDP Embraces Blockchain for Global Development
9 Jun
Summary
- UNDP launched a Blockchain Advisory Group in Paris.
- The group will apply blockchain to financial inclusion.
- It will also explore blockchain for digital governance.
The United Nations Development Programme (UNDP) has formally established a Blockchain Advisory Group (BAG) to leverage distributed ledger technology for global development. Unveiled on June 3 at the Proof of Talk event in Paris, the BAG brings together 26 member organizations from the blockchain industry.
Chaired by UNDP Associate Administrator Haoliang Xu, the group's primary mandate is to investigate how blockchain can tackle development challenges, enhance digital public infrastructure, and strengthen public systems. Its inaugural meeting centered on financial inclusion and digital finance, areas where blockchain holds potential for the unbanked population.
Looking ahead, the BAG plans to convene twice annually, with future sessions addressing digital governance and public trust. This initiative is underpinned by years of UNDP pilot projects testing blockchain applications in digital payments, climate finance, digital identity, and public procurement across Africa, Latin America, the Middle East, Europe, and Asia-Pacific.
The BAG's commitment to ethical and interoperable blockchain solutions could influence governmental approaches to blockchain standards and regulation. The group also acknowledges and aims to address risks associated with the technology, including privacy, energy consumption, and deployment in low-resource settings.
