a longer version of this blog post is available on the MIT Media Lab’s Digital Currency Initiative platform
With Google Trends data showing that searches for the word “blockchain” have exponentially increased, we may be entering the peak of the hype cycle for blockchain and distributed ledger technology.
But here’s the thing: the blockchain is a major breakthrough. That’s because its decentralized approach to verifying changes in important information addresses the centuries-old problem of trust, a social resource that is all too often in short supply, especially amid the current era’s rampant concerns over the security of valuable data. It turns out that fixing that can be a boon for financial inclusion and other basic services delivery, helping to achieve the global objectives laid out in the Sustainable Development Goals (SDGs).
Sorting out hype from reality may depend on how well we identify where institutions that have until now played a role in mediating trust between people are falling short, especially in the key area of money. Deploying the blockchain in those settings to generate secure, decentralized trust could achieve great strides in inclusion and innovation.
What do we mean by decentralized trust? The concept is unfamiliar in part because its converse -- centralized trust – is something that we often take for granted, at least while it’s working. But if we look at the history of transactions since the early barter systems to modern-day digital money exchanges, we can see how different trust protocols for keeping track of our exchanges of value have evolved and how, in each case, centralizing trust within particular institutions has periodically caused problems.
As strategies for dealing with this challenge evolved and as the complexity and frequency of transactions grew, different trust bearers emerged. We went from relying on the memory and discretion of tribal leaders, to central governments issuing currencies in the form of precious metals, to commercial banks acting as trusted intermediaries and issuing their own bank notes, to central banks managing a hybrid system in which sovereign fiat banknotes circulate alongside a debt/credit form of money managed by regulated banks and internal ledgers.
The Sustainable Development Goals (SDGs) differ from the Millennium Development Goals (MDGs) in many ways. Unlike the MDGs, the SDGs universally apply to all countries and they are holistic and integrated. Moreover, their delivery is to be achieved by governments, civil society, and the private sector all working together to achieve their success.
The SDGs also recognize the central role of justice in achieving development, with Goal 16 specifically guaranteeing “equal access to justice for all.” Governments, in partnership with other stakeholders, must make necessary national reforms to provide access to justice to the billions who currently live outside of the protection of the law. They must commit to financing the implementation of these reforms and be held accountable for their success.
Regional and sub regional bodies are uniquely placed to assist governments with implementing and monitoring justice commitments made through the SDGs. Learnings from the MDGs show that countries that integrated the MDGs into existing regional strategies were far more successful in meeting the MDGs’ objectives than countries that did not have the support of an existing regional strategy.
Much work remains to be done to ensure reliable electricity access for Africa's citizens. A number of complications are making it difficult to achieve this UN Sustainable Development Goal. Yet access rates are expanding in many nations, and technology and design improvements offer opportunities to make rapid leaps forward.
And while the World Bank’s Global Tracking Framework shows progress is being made to deliver electricity to those without, most of it is taking place in Asia. In Africa, it’s a different story.
- Lighting Africa
- electricity access
- Energy Efficiency
- renewable energy
- Energy Access
- Sustainable Energy for All
- sustainable development goals
- Sustainable Development
- Urban Development
- South Africa
- Burkina Faso
- Global Goals
Riddle us this. In what country are...
- 450 million ceiling fans already in use, 40 million new ones sold every year?
- 350 million fluorescent tube lights already in use, 10 million new sold every year?
- 30 million air conditioners already in use, three million new sold every year?
With a population of about 1.2 billion, India is one of the largest consumer markets in the world. So it’s no surprise that household appliances account for several gigawatts of electricity usage across the country. As India’s middle class grows and people move from villages to towns and cities, electricity usage is only increasing. In fact, hundreds of millions of electric appliances will be added over the next few decades. This poses a serious challenge for India’s energy security since there already are electricity supply shortages, which often lead to chronic outages and blackouts. The surge in household appliances is also a climate change challenge—India, the world’s third-largest CO2 emitter, is predicted to continue increasing its greenhouse gas emissions at least until 2030.
But India is turning this challenge into an opportunity by tapping into energy efficiency solutions, a relatively new area with already a few major successes. Considered globally as the “first fuel,” to provide 24/7 reliable and affordable electricity for all.