Blockchain Standardsfor Sustainable Development

Abstract

Sustainable development requirements are often regarded as adding a layer of cost to production of goods and delivery of services. This perception can result in the dilution of sustainable development goals. To address this concern, it is necessary to improve both the methods by which sustainable development is achieved and the validation of its long-term benefits. Identification of better and more quantifiable indicators of value and progress are clearly linked to achieving sustainable development. This article explores the way that International Standards can help government agencies and development organizations to make sense of information communication technology and the way they can be used to improve and report outcomes. Standards can help ensure that innovations and processes are interoperable, reliable and secure. Blockchain standards will improve blockchain's reputation as a useful layer of technology for tracking and auditing data, exchanges and transactions, making it an invaluable tool for achieving transparency and trust in sustainable development programs.

A Tertiary Review on Blockchain and Sustainability with Focus on Sustainable Development Goals

“…However, the blockchain implementation could influence or catalyze democratization processes, promote transparency and accountability of and in institutions and amongst stakeholders. Blockchain can verify and authenticate human identity, provenance, and transactions and offer transparency and accountability, contributing to breaking down the barriers to reduce inequality [44], thus having potential positive impacts on gender equality.…”

“…[42] [44]. Blockchain technology can overcome the obstacles that have hindered previous attempts to deliver sustainable energy.…”

“…Blockchain ensures human rights and fair working conditions and reduces unethical and illegal practices. This impacts SDG targets 8.5, 8.7 and 8.8, for example, through monitoring and tracking sustainable conditions and implementing or managing suitable corrective activities [8][29][41] [44]. Blockchain is a tool for verifying sustainability with meaningful and quantifiable indicators [13].…”

Sustainability, Trust and Blockchain Applications: Best Practices and Fintech Prospects

“…Against this backdrop, the adoption of blockchain technology within the international development community should not be solely approached through the lenses of testing new technological gadgets. The ongoing trial and error experiments of blockchain technology should also consider blockchain standards such as those being developed by ISO TC 307 (Ryan & Horner, 2019). A more transparent and efficient international development is critical to sustaining healthy levels of trust between donors, governments, businesses, multilateral organizations, and civil society organizations.…”

“…A more transparent and efficient international development is critical to sustaining healthy levels of trust between donors, governments, businesses, multilateral organizations, and civil society organizations. It is also necessary to maintain the reputation of blockchain technology (Ryan & Horner, 2019). Blockchain is not a risk-free technology and has its own set of transparency and cybersecurity risks, regulatory challenges, and interoperability problems resulting from fragmented digitalization (ADB, 2019).…”