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Web3 for 2030: How Can Web3 Help Achieve the Sustainable Development Goals?, UNDP, 2022
This UNDP report examines how Web3 technologies like blockchain and decentralised finance can drive social innovation and support the Sustainable Development Goals (SDGs). It provides an accessible overview of Web3, highlights its potential for systemic change in areas like finance and governance, and addresses key adoption challenges, including digital exclusion and environmental concerns.
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This report, authored by the United Nations Development Programme (UNDP), explores how Web3 technologies - such as blockchain, decentralised finance (DeFi), and non-fungible tokens (NFTs) - can contribute to social innovation and impact. It provides an accessible overview of Web3 concepts, identifies opportunities, and outlines risks associated with its adoption in development contexts. Key content includes:
- What is Web3? Web3 represents a decentralised evolution of the internet, characterized by cryptographic trust, digital identity, and participatory governance. Unlike the centralised internet, Web3 offers individuals and communities the potential to redistribute ownership over digital ecosystems.
- Web3 and SDG Alignment: Web3 offers tools to reimagine financial, governance, and innovation systems to address systemic challenges like poverty, inequality, and climate change. Use cases include universal basic income experiments, decentralised credentialing for education, and climate financing through carbon-backed currencies.
- Key hurdles to the adoption: include digital exclusion due to infrastructure and knowledge gaps, regulatory uncertainty, and the environmental impact of energy-intensive blockchain technologies.
This report serves as a foundational guide for leveraging Web3 technologies to create social impact and advance the SDG agenda.
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