- Global adoption of Bitcoin would have a positive impact on United Nations` Sustainable Development Goals.
- Equitable access is particularly mentioned in SDG objective 1.4.
- Bitcoin does not differentiate between transactions of different amounts.
A recent speculative post by PlanB claims that there are several implementations and application cases for Bitcoin that relate to Sustainable development goals (SDGs). According to him, Bitcoin`s adoption would instantly have a positive impact on at least 10 of 17 United Nations` SDGs.
Notably, around 2 billion individuals still lack access to financial services, according to the Global Findex database. Consequently, focusing on financial inclusion is a crucial first step in raising people’s living standards. It makes it possible to save more money, purchase real estate, and launch investments.
The need to guarantee that all men and women, the impoverished, and the vulnerable have This cites use cases of modern financial services, including microlending. For rural poor people who have often had limited access to financial institutions, mobile money featuring Bitcoin is thus a game-changer.
It is crucial to remember that competition and advancements like e-banking and smartphones have made payments more practical. The majority of cross-border payment clearing and settlement still happens via conventional correspondent banks. Conversely, they have difficulty processing the larger volume, lower value retail payments.
Bitcoin does not differentiate between transactions of different amounts. As a result, a whole new population will be able to participate in the market. This is a solution for cross-border payments as a result of the low cost of conducting transactions.
The members in the network each have their own gadget, which acts as a “node” inside the network. This replaces the traditional system of banking correspondents. It also contributes blocks of time-stamped transactions to create an immutable chain of events (Blockchain).
