Blockchain Could Help to Foster Global Jobs Creation

Blockchain Could Help to Foster Global Jobs Creation

Blockchain
July 15, 2020 Editor's Desk
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A report published by the World Economic Forum, or WEF, emphasized the crucial role of fourth industrial revolution technologies. New technologies such as blockchain could support stimulating growth by executing “nature-positive” solutions following the COVID-19 outbreak. According to the “Future of Nature and Business” study, nature-friendly solutions could have the ability to develop 395 million
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A report published by the World Economic Forum, or WEF, emphasized the crucial role of fourth industrial revolution technologies. New technologies such as blockchain could support stimulating growth by executing “nature-positive” solutions following the COVID-19 outbreak.

According to the “Future of Nature and Business” study, nature-friendly solutions could have the ability to develop 395 million jobs and generate $10.1 trillion in business opportunities by 2030.

Inger Andersen, United Nations Under-Secretary-General and Executive Director of the UN Environment Program, said in a statement, “As we enter into a historic decade of action to halt and reverse biodiversity loss by 2030 and address climate change, the business has a critical role to play in environmental stewardship of our planet. They have the technology, innovation, and financing to make the shifts we need towards increased investment in nature’s infrastructure and nature-based solutions.”

Blockchain and the food supply chain

Blockchain technology could contribute to a $365 billion savings by diminishing food waste in the food supply chain.Pilot programs were launched in Benin, India, Ghana, and Rwanda. Their results recommend that approximately low-cost storage techniques and handling practices can decrease post-harvest food loss by more than 60%. They can also raise smallholders’ incomes by more than 30%, the report claims. One instance that the WEF puts forth in the study is the IBM Food Trust. This project has already commenced implementing blockchain-based supply chains with associates such as Walmart, Tyson Foods, Nestle, and others.

A billion-dollar opportunity

The report further embellishes that blockchain applications in energy and mining supply chains could create an opportunity worth $30 billion in 2030.“Blockchain applications could grow rapidly over the coming decade, particularly in precious gems, diamonds, tin, tungsten, and cobalt (…) Economies of scale will enable companies to unlock significant cost savings from initial blockchain investments, eliminating the need for costly materials verification processes.”

The report notes that innovations like additive manufacturing, precision forestry, and blockchain in energy and mining supply chains can allow a “nature-positive” pathway by helping both value creation and conservation goals. The WEF called to scale blockchain’s potential to help create $3.5 trillion in energy and extractive systems.

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