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Economic development potential of blockchain tech industry highlighted

July 27, 2017

In Blockchain and Economic Development: Hype vs. Reality, experts from the Center for Global Development address the economic development potential of blockchain technology including its potential and existing hurdles to its growth. After explaining blockchain technology’s nuts and bolts, the authors highlight technology areas that would benefit from blockchain technology and the benefits it could offer with wider adoption, including facilitating faster and cheaper payments; providing a secure digital infrastructure for verifying identity; securing property rights; and, making transactions more secure and transparent. 

While focused mostly on addressing international development challenges, the second section of the report provides insight into the support needed for blockchain startups to succeed, including a call for governments and other institutions to partner with startups on pilot projects. Industry, government, and other organizations should lead the development of industry-wide principles and standards to ensure broad adoption of the technologies, the report states. Finally, government and others need to provide support for the necessary precursors of blockchain technology such as high-speed Internet, widely available smartphones, and reliable energy access.

In a two-part series (Part 1 and Part 2), SSTI looked at blockchain technology as well as the potential of it in multiple tech-focused industries such as fintech, gig economy, higher education, online-publishing. SSTI also highlighted several tech-based economic development efforts both domestically and abroad.