United Nations and Cryptocurrencies

Digital technologies are reshaping the world, at a faster pace than most people realize. Global governance structures like the United Nations are experiencing this effect the most. The organization has many agencies with their own specialized roles. Every time there is an unfortunate development or catastrophe, these agencies rush in to help and establish order.

The organizations have a huge amount of money at their disposal. However, it’s very hard to keep track of which agency requires what materials, especially in a time of crisis. Another problem which the UN faces is that the donated money by over 190 member nations actually accomplishes its intended goals.

Yoshiyuki Yamamoto, the former director of the UNOPS Peace and Security Cluster, believes that the incredible amount of operations can be simplified and collected by moving the internal operations and the dispersal of aid of the UN to a blockchain platform. Yamamoto was introduced to blockchain technology back in 2011 when he read Satoshi Nakamoto’s white paper.

He started to notice patterns which could be used to aid the many different agencies within the United Nations.The proof of identity and lack of transparency makes the current UN system very slow and inefficient.

The United Nations have many modern issues to tackle

Now this technology might not be a welcome sight to everyone. There are a lot of resources lost because of the inability to align to agencies. According to Ban Ki-moon, the 8th secretary-general of the UN, corruption was so high back in 2012 that nearly 30% of all development aid was prevented from reaching i’s true destination. Putting things into perspective, the same year the UN disturbed over $12bn in aid.

Blockchain implementation would result in a huge increase in transparency which will in turn guarantee minimal internal disputes and far more efficient use and management of resources. This will also lead to a higher amount of donors, including individual ones.

With the steady introduction of cryptocurrencies into everyday life, it’s very safe to assume that in the future many donations can consist of cryptocurrency. This will eliminate the long wait and can easily bypass the endless restrictions and headaches that banks and international institutions come with.

While also hoping for new donors, keeping the old ones is still a priority. Donald Trump was elected on the promise of defunding the UN.

He has referred to the United Nations’ projects many times saying that spending is “uncontrollable” and an unfair share falls on the US’ shoulders. In 2017, 28% of the UN’s $7.78bn peacekeeping budget came from the US. If President Trump makes good on his promise, the loss of such huge financial support could close many projects.

With the introduction of blockchain technology, Yamamoto hopes that taxpayers will know exactly what their money is used for. The accomplishments will be there for all to see. Waste and corruption will also be hit hard, putting more trust back in the UN.

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Ian Karamanov

About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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