- Today, sustainability receives global attention in governments, businesses and societies. However, challenges remain in sustainability based ESG, where blockchain technology can play an important role. Transparency in blockchain is a gateway to facilitate data authenticity issues in its traceability and to exercise traceability in infrastructures or smart devices that link ecosystems.
- It also benefits us to avoid potential hurdles in assessing companies that want to focus their ESG efforts on real-time metrics and level of engagement in sustainability.
- One of the major applications of use is undoubtedly the supply chain being highly complex due to incremental global trade. In a cross-border supply, payment and documentation scenario, decentralization marks a milestone of cohesive interoperability.
Blockchain disruption will affect every industry, with a business added value of over USD 176 billion by 2025 and USD 3.1 trillion by 2030 (Gartner, 2017). According to the World Economic Forum (2018), the biggest global risks in 2018 in terms of likelihood are environmental risks and cybersecurity risks. Blockchain seems perfectly poised to help the world address these challenges, as it offers solutions for both types of risks.
Over the next five years, blockchain technology could upend how businesses and marketplaces operate (Deloitte, 2018) while generating social impacts, mainly in the agriculture, healthcare, insurance, public, retail and utilities sectors (Carson et al., 2018).
Blockchain is likely to become a central element of this revolution, with economic and social repercussions on par with the invention of the Internet. The convergence with the current momentum towards Web3 means that we are living in a milestone of profound digital transformation for the new decades. However, it is important to remember that technology is, by default, ethically neutral.
Virginia Mijes Martin
Founder, Global Consulting Firm Innovation Enterprise
Advocate of the EU Tech Chamber