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Can Blockchain Revolutionize Trade?

Luc Pugliatti's picture
Blockchain has gained increased attention recently because of the publicity surrounding Bitcoin. 
The use of this technology is relatively new but its potential is also starting to be explored in applications beyond digital currency. The World Bank Group has begun to explore the impact of blockchain technology on development. It is launching a blockchain lab and considering projects that can help with good governance and positive social outcomes in developing countries, including a pilot in South East Asia.

Leveraging technology to achieve the Sustainable Development Goals

Mahmoud Mohieldin's picture
A drone delivery project made Rwanda the first country in the world to use the drone technology at the service of saving lives. © Sarah Farhat/World Bank
A drone delivery project made Rwanda the first country in the world to use the drone technology at the service of saving lives. © Sarah Farhat/World Bank


Billions of people are connected by mobile devices, with unprecedented processing power, storage capacity, and access to knowledge -- foreshadowing stunning possibilities.  This potential is multiplied by technologies such as artificial intelligence, robotics, big data processing, the internet of things, autonomous vehicles, 3-D printing, blockchain, etc.
 
This so called 4th industrial revolution can help accelerate progress towards the Sustainable Development Goals (SDGs). Indeed, Science, Technology and Innovation, together with Financing for Development, were identified by the UN as one of the two main “means of implementation” to achieve the SDGs by 2030 as it cuts across all SDGs as highlighted by International Telecommunication Union’s Fast Forward Progress Report – Leveraging Tech to Achieve the SDGs.

The future of transport is here. Are you ready?

Stephen Muzira's picture
Photo: Max Talbot-Minkin/Flickr
Technology is transforming transport with a speed and scale that are hard to comprehend. The transport systems of tomorrow will be connected, data-driven, shared, on-demand, electric, and highly automated. Ideas are moving swiftly from conception, research and design, testbed to early adoption, and, finally, mass acceptance. And according to projections, the pace of innovation is only going to accelerate.

Autonomous cars are expected to comprise about 25% of the global market by 2040. Flying taxis are already tested in Dubai. Cargo drones will become more economical than motorcycle delivery by 2020. Three Hyperloop systems are expected by 2021. Maglev trains are already operating in Japan, South Korea, and China, and being constructed or planned in Europe, Asia, Australia, and the USA. Blockchain technology has already been used to streamline the procedures for shipping exports, reducing the processing and handling times for key documents, increasing efficiency and reliability,

Top 7 disruptive technologies for cities

Abhas Jha's picture
Top 7 disruptive technologies for cities (Photos via Shutterstock)

Imagine you were working in development and poverty reduction in the early 1990s (I was!). Only one website existed in all the world in August 1991 (today there are over 1.5 billion). Mobile phones were expensive, rare, and clunky. Very few would anticipate a situation in which India would have more mobile phones than toilets.

To paraphrase Bill Gates: we tend to overestimate the changes that will happen in the short term and underestimate those in the long term. Technology is quietly but radically disrupting and transforming how cities deliver services to their citizens. It does that in a way that fundamentally alters not just the mode of delivery but its underlying economics and financing.

Here are the top 7 disruptive technologies revolutionizing service delivery in cities (in no particular order):

Can blockchain disrupt gender inequality?

Alicia Hammond's picture

Pakistan-woman-shopkeeper
Blockchain is the subject of considerable hype, thanks largely to the rise (and fall and rise...) of high profile digital currencies. Beyond this spotlight, development experts and innovators are exploring whether the technology behind cryptocurrencies can be leveraged to advance gender equality.
 
Blockchain is a distributed ledger technology  that facilitates peer-to-peer transactions without using an intermediary. (The technology is also notoriously difficult to follow, but we find this brief video helpful and this talk explains blockchain well, if you have a bit more time.) Put simply, the system is maintained by collaboration, code and sometimes competition. Many experts refer to Google Docs to explain the concept: multiple users can access the same document simultaneously and they can all see the changes. This feature potentially makes it suited for validating records and processing financial transactions in the absence of strong institutions.
 

Weekly wire: The global forum

Roxanne Bauer's picture

These are some of the views and reports relevant to our readers that caught our attention this week.
 

The State of Social 2018 Report: Your Guide to Latest Social Media Marketing Research [New Data]
Buffer
What’s in store for the social media industry in 2018? The way consumers use social media channels is constantly evolving and as marketers and entrepreneurs, we need to adapt to these changes. To better understand these changes, plus what’s ahead for 2018 and beyond we teamed up with Social Media Week to collect data from over 1,700 marketers and create the State of Social Media 2018 report. The report shows us how marketers, from businesses of all sizes, are approaching social media marketing.
 
World Bank’s ‘Global Dataset’ Offers New Way for Comparing Countries’ Educational Performance
Market Brief Ed Week
For years, efforts to explore and compare the educational performance of impoverished countries–and by implication, their economic potential–have been stymied by a lack of useful data. An ambitious new analysis by the World Bank aims to change that. A “global dataset” unveiled by the international development organization uses statistical methods to put the results of much-publicized international tests like the PISA and TIMSS–which many poor nations do not take part in–on a comparable scale as regional exams commonly used by developing countries. The result is a new method for comparing the test performance of rich and poor nations that World Bank researchers say hasn’t been accomplished before.
 

Can cryptocurrencies and blockchain help fight corruption?

Enrique Aldaz-Carroll's picture
© Pixbaby/Creative Commons
© Pixbaby/Creative Commons


Blockchain and cryptocurrencies similar to Bitcoin could transform the way we make payments and do business. They also hold great promise as a method of fighting corruption.

Technological advances have made it possible to dramatically increase the accountability and transparency of public financing to reduce corruption. For example, if a government decides to construct a road, it can now track how each dollar is being spent, identify all the users of the funds, and ensure that only those authorized to spend money do so on originally intended expenses within the permitted time. Fraud and corruption investigations that now take on average 15 months could be performed at the touch of a button and at a fraction of the cost. More importantly, this type of financial tracking would be a deterrent for bribes in the public sector, which amount to between $1.5 trillion and $2 trillion annually, roughly 2 percent of global GDP. This in turn would increase development impact. All it would take is adopting a cryptocurrency and using blockchain software.

Why technology will disrupt and transform Africa’s agriculture sector—in a good way

Simeon Ehui's picture
© Dasan Bobo/World Bank
© Dasan Bobo/World Bank


Agriculture is critical to some of Africa’s biggest development goals. The sector is an engine of job creation: Farming alone currently accounts for about 60 percent of total employment in sub-Saharan Africa, while the share of jobs across the food system is potentially much larger. In Ethiopia, Malawi, Mozambique, Tanzania, Uganda, and Zambia, the food system is projected to add more jobs than the rest of the economy between 2010 and 2025. Agriculture is also a driver of inclusive and sustainable growth, and the foundation of a food system that provides nutritious, safe, and affordable food. 

Blockchain for Development: A Handy Bluffers’ Guide

Duncan Green's picture

Top tip: if you’re in a meeting discussing anything to do with finance, at some point look wise and say ‘you do realize, blockchain is likely to change everything.’ Of course, there is always a terrifying chance that someone will ask what you actually mean. Worry not, because IDS has produced a handy bluffer’s guide to help you respond. Blockchain for Development – Hope or Hype?, by Kevin Hernandez, is the latest in IDS’ ‘Rapid Response Briefings’ series, (which itself is a nice example of how research institutions can work better around critical junctures/windows of opportunity). It’s only four pages, but in case even that is too onerous, here are some excerpts (aka a bluffer’s guide to the bluffer’s guide).

‘What is blockchain technology?

At its heart, the blockchain is a ledger. It is a digital ledger of transactions that is distributed, verified and monitored by multiple sources simultaneously. It may be difficult to think of something as basic as the way we keep and maintain records as a technology, but this is because record-keeping is so ingrained in daily life, albeit often invisibly. The ubiquity of ledgers is in part the reason why blockchains are held as having so much disruptive potential. Traditionally, ledgers have enabled and facilitated vital functions, with the help of trusted third parties such as financial institutions and governments. These include: ensuring us of who owns what; validating transactions; or verifying that a given piece of information is true.

Weekly wire: The global forum

Roxanne Bauer's picture

World of NewsThese are some of the views and reports relevant to our readers that caught our attention this week.

Unlocking access to utility services: The transformational value of mobile
GSMA
The Mobile for Development Utilities Annual Report highlights the transformational role of mobile in improving the delivery of essential services to the underserved, and the increasing viability of the business models currently being implemented. The report covers three areas: emerging trends, MNO collaboration and funding in the mobile-enabled utility sector.

Compulsory voting results in more evenly distributed political knowledge
LSE Blog

Given interminably low rates of voter turnout across most Western democracies, looking to compulsory voting as a panacea for democracy’s ills seems sensible. Comparatively low – or declining – voter turnout is viewed generally as a symptom of civic disengagement from politics. Compulsory voting can also mitigate inequality in participation and representation. Citizens with the most resources and influence are typically the most likely to vote, and by voting for candidates and parties who reflect their interests, their participation can perpetuate systemic social biases.


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