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- 1 Supply chain transparency will be among the key focus areas of the partnership.
- 2 As of now, awareness regarding blockchain technology remains limited.
United Nations Development Programme (UNDP), a United Nations’ agency focused on poverty, has partnered with Algorand Network (ALGO), a cryptocurrency protocol, to provide blockchain-related training to 22,000 employees. The company announced the collaboration in a press release published on November 30, 2023.
Blockchain to Enhance Transparency
Algorand Foundation confirmed the announcement on social media platform X (formerly Twitter). The post reads, “The UNDP partners with the Algorand Foundation to launch the Algorand Blockchain Academy. The academy will be made available to over 22,000 United Nations staff in 170+ countries.”
Supply chain transparency will be among the key focus areas of the partnership. According to the release, “Enhancing transparency in supply chains, combatting issues like child labor, and promoting sustainable sourcing.” Blockchain technology works similarly to Google Docs where the data is visible to everyone having the link.
Blockchain, as the name suggests, contains a chain of blocks where each block serves as a ledger containing certain information. The ledger is broadcast to everyone in the network, allowing them to see the data securely. Additionally, the data cannot be manipulated and once fed, it will require someone to take control of at least 51 percent of the blockchain to start manipulating the data.
UNDP’s expert for alternative finance and low carbon development, Robert Pasicko, said: “The Algorand Blockchain Academy will be instrumental in equipping our team with the tools needed to address complex global challenges using blockchain technology.” He added, “We are thrilled to be in a position to leverage the credibility and expertise of the Algorand Foundation and key members of their ecosystem in order to upskill, empower, and inspire UN practitioners around the world.”
As of now, awareness regarding blockchain technology remains limited. It is primarily associated with cryptocurrencies. The term ‘blockchain’ became popular largely due to the inception of Bitcoin (BTC), the largest crypto asset in terms of market capitalization. Due to this, many people often use both the terms synonymously.
The supply chain could be considered the second most preferred segment for blockchain integration. In 2018, multinational technology corporations, International Business Machine (IBM), and Abu Dhabi National Oil Company, a state-owned oil company, partnered for a pilot project associated with blockchain.
In the same year, De Beers Group, a diamond producer and distributor, used blockchain to track 100 high-value diamonds from mine to retail. The company announced a platform called Tracr to enhance transparency within the market. Given that diamonds are amongst the most valuable gemstones globally, they are prone to fraudulent practices like counterfeiting.
Other industries other than finance include healthcare, gaming, real estate, and more. Non-fungible tokens (NFTs) have helped independent artists to monetize their work. In the music industry, artists have collaborated with blockchain projects that allow them to earn royalties associated with global sales of their albums.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
