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In a recent report released by the United Nations (UN), the international institution has mentioned that cryptocurrencies are a ‘new frontier’ in digital finance. As per the UN, these virtual currencies have a large potential to create new business models. Additionally, they can also increase efficiency in existent businesses.
United Nations Positive About Virtual Currencies
The United Nations seems to be paying close attention to virtual currencies and blockchain technology. In its recent report, the international organization talked very positively about cryptocurrencies and distributed ledger technology (DLT). Additionally, cryptocurrencies continue to expand and their popularity is also growing in the market. Bitcoin is currently the largest digital asset in the space.
About these technologies, the UN commented:
“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 enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments.”
The UN went on explaining that there are different coins that work in order to improve different aspects of the world. Meanwhile, there are others that want to enhance the Internet of Things (IoT).
This is not the first time that the UN shows its interest for virtual currencies. Back in May 2018, the United Nations Office for Project Services (UNOPS) revealed that it was working with IOTA. The intention was to test the technology proposed by IOTA and increase the efficiency of UNOPS and its operations.
At the same time, the UNOPS has also been working with Ripple’s technology. The intention was to enhance cross-border payment solutions. Ripple is one of the largest companies in the crypto space. It is currently offering services for financial institutions and banks all over the world. Ripple is able to solve many challenges faced by companies trying to send money across borders.
“There are also proposals for using 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,” reads the report.
Distributed ledger technology is used by many different companies and industries around the world. Indeed, companies such as Carrefour or JD.com are already implementing the technology to control the products they sell. The health care industry is also using DLT to fight against drugs counterfeiting.