The Sustainable Development Goals (SDGs) were meant to be realized by 2030 and this is 2023, we are 7 years away and with the look of things globally we are nowhere near realizing that goal, and this statement isn’t in any way undermining all the efforts that have been put into seeing that the goal is achieved.
It is true progress has been made in some areas, but the COVID-19 global pandemic did set everyone back on some of that progress. An example is education, some children are yet to get back into class.
Web3, the latest internet evolution that seeks to decentralize activities can help achieve this goal by the set date.
Web3 has technologies like the blockchain which will help provide innovative solutions to meet these goals.
The web3 provides core opportunities in finance, economy, governance, and innovation which is at the backbone of every goal stated in SDG.
Goal one which focuses on no poverty can be aided using decentralized finance (DeFi) platforms will enable access to financial services for the unbanked and under banked.
This will help make it easy to implement the universal basic income as envisioned to help meet the no-poverty goal.
Blockchain technology will help to give everyone a digital identity in such a way there can be no impersonation.
The second goal which tackles hunger can be changed with blockchain, there would be decentralized food supply chain solutions that would ensure transparency right from the food production, down to the supply chain. This helps reduce food wastage and improves food security.
This will also help determine the origin of the food products. A decentralized marketplace will also help farmers sell their farm produce without being limited by location.
Web3 will greatly encourage quality education to be accessible to all, with the aid of decentralized learning platforms that offer verifiable certifications that are acceptable at all levels, this will facilitate a learning culture like never before.
Decentralized marketplaces for renewable energy sales will help meet SDG 7 which deals with affordable and clean energy. Due to its decentralized nature, individuals and organizations can all sell on the platforms.
This ensures no energy is lost as excess energy generated at any point in time is shared on the platform.
SDG 13 which deals with climate action can be improved with almost the same mechanism, this time carbon credit can be given to individuals and organizations who carry out projects to offset carbon emissions.
These carbon credits will incentivize people to take favorable climate actions. Web3 opportunity in governance will aid SDG 16 which focuses on peace, justice, and strong institutions using decentralized autonomous organization (DAO).
The DAO enables decentralized voting systems that result in more transparent elections and decision making processes.
There are lots of potentials the DAO has to offer in ensuring that goal 16 is met adequately.
Land and other assets disputes will be a thing of the past as everyone can see ownership on the block.
The benefits web3 has to offer in achieving the SDG are enormous, the ones listed above are
just a scratch of the surface.
The adoption of web3 for this purpose would not be without challenges but it will accelerate the efforts and even if the goals are not met by 2030, it will be a near miss.
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