P166 Short Course: Harnessing Blockchain for Sustainable Development: Prospects and Challenges

In an increasingly digitalized economy and society, the security and accountability of data transactions are critical elements for creating trust and enabling breakthrough innovations in the digital world. In this regard, blockchain technology could be a game-changer, serving as the base technology for cryptocurrency, enabling open (peer-to-peer), secure and fast transactions. However, issues associated with scalability, privacy concerns, uncertain regulatory standards and difficulties posed by the technology in integration with existing applications are some of the potential market constraints. There is also the risk that the potential of blockchain for solving developmental problems has been somewhat inflated by its early adopters and the tech media and may not be as applicable for developing and least developed countries. The challenges that governments face in this regard will be addressed, in addition to the policy options that could influence the rate and direction of innovation and building the blockchain to contribute to national development priorities and accelerate the progress towards the SDGs.

This short course will also present the basics of the blockchain technology, describe its ecosystem of innovation, and discuss how blockchain could impact the SDGs. It will zoom on scenarios that impact sustainable development, providing delegates with a deepened understanding of the basics of blockchain technology, its potential impact on the SDGs, and the policy options to influence the rate and direction of innovation towards national development priorities and the SDGs. The course will also raise awareness on the prospects and challenges in harnessing blockchain technologies for sustainable development.