THE IMPACT OF BLOCKCHAIN TEHNOLOGY ON THE REALIZATION OF THE SUSTAINABLE DEVELOPMENT GOALS
Keywords:
blockchain technology, DLT, SDG, innovative solutions.Abstract
This paper investigates the impact of blockchain technology on the realization of Sustainable Development Goals (SDGs). A blockchain is an encrypted record of all previous transactions and settlements that each networked computer constantly synchronizes. Theoretically, blockchain data is absolutely reliable because there are thousands of copies of them. The main characteristic of blockchain technology is that there is no specific entity in charge for the Distributed Ledger Technology (DLT). This is the main reason why blockchain technology has a stimulating effect on innovative solutions in many areas of human activity. In this context, blockchain technology also affects positivelly the realization of all Sustainable Development Goals. However, in some cases, a negative impact on the achievement of these goals has been observed. This is especially true for the pronounced consumption of electricity in cryptocurrency mining. The analytical approach in this paper points to the more comprehensive impact of blockchain technology on achieving the Sustainable Development Goals.
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