Posted 5 months ago | by @devadmin
A new World Economic Forum (WEF) report calls blockchain technology a foundation of sustainable digital finance which can help create a low-carbon economy.
WEF thinks that blockchain could serve as a center of sustainable digital finance or a new model that merges emerging financial technology (FinTech) with environmentally conscious businesses, the published report says.
In the report, UBS executive Karin Oertli lists blockchain technology along with artificial intelligence (A.I.), mobile platforms, and the Internet of Things (IoT) as being foundational bases in the provision of financial services. These technologies, when fused with environmental, social, and governance structures, could assist governments and corporations in reaching their sustainable development goals.
“We believe that sustainable digital finance will play an essential role in efficiently channeling this capital to fuel innovation, growth and job creation, at the same time supporting the transition to a sustainable, low-carbon economy.” Oertli writes. Adding, “We strongly believe that sustainable finance, combined with technological innovation and digitalization in banking, will be instrumental to sustainable innovation and growth and the transition to a less carbon-intensive economy.”
WEF believes that emerging technologies to analyze data, power investment decisions, and grow jobs in sectors support a transition to a low-carbon economy lowering emissions.
Speaking at the WEF’s Green Horizon Summit on Nov. 11th, Oertli stated that blockchain technology, big data, artificial intelligence (AI), mobile platforms, and the Internet of Things (IoT) are pivotal technologies to further the development role of digital finance.
According to Oertli, technologies like AI, machine learning, and natural speech processing can be used to both generate and evaluate data presented by a blockchain in an effort to help businesses “increase energy efficiency, reduce overall energy consumption or expand the use of renewable energies.”
Combined, sustainable digital finance is increasingly demonstrating its ability to address barriers and promote sustainable economic growth, WEF said. The WEF previously wrote in September that they see three areas of expansion when it comes to Sustainable Development Goals, “building resilient and transparent supply chains; creating stronger and more accountable public institutions; spurring responsible sourcing and consumption.”
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