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"Cryptocurrencies Represent A New Frontier" According To UN

The United Nations has called dubbed cryptocurrency as a 'new frontier' in its end of year report on the global economy. Cryptocurrency and blockchain technology They can create new and revolutionary business models which could cut red tape and increase efficiency on a massive scale.

The UN has expressed their interest in virtual assets such as crypto on previous occasions prior to this. Back in the Summer last year, the United Nations Office for Project Services reveals its collaboration with IOTA to "Explore how IOTA's innovative technology – which provides an open-source distributed ledger for data management – can increase the efficiency of UNOPS operations." According to a report from the Association for Financial Professionals from late 2017, the UNOPS is also looking into Ripple's wide range of cross-border payment solutions

"World Economic and Social Survey 2018" is the title of the report that looks into the advantages of crypto, blockchain and distributed ledger technology.

You can read the full report here, but some of the highlights were noted by the Daily Hodl which we are going to look at below.

Innovation

"The innovativeness of this system lies in the way that the traditional financial system derives from institutions and regulation. The incentives align the interests of contributing to the system's security.

In contrast, the traditional system relies on a complex armor of reporting, oversight and implicit or explicit guarantees, ultimately backed by the reputation of the central authority. As such, the blockchain technology presents the possibility of a trust in institutions backed by government.

The new frontier for digital finance

"Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They can be increased to new business models which would otherwise require significant regulatory and institutional commitments. "

Multiple uses

"A value token called climate is being considered a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would be possible to calculate their carbon emissions and purchase carbon credits to offset those emissions.

Information on the use of blockchain technology as a distributed ledger of real-world information on property registration, personal identity, and provenance of food and medicines, among many other types of data. The United Nations and the World Identity Network are exploring ways of registering the identities of children as a means of combating child trafficking. "

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