GA 2: Economic and Financial
-Blockchain and sustainable growth
There’s a completely new world, building up with 0’s and 1’s. Big changes mean history, whether it is favorable or not. Today, humanity is witnessing one: “Blockchain”. In 2008, Developer(s) working under the pseudonym Satoshi Nakamoto released a white paper establishing the model for a blockchain. Simply put, blockchain is a decentralized database, which stores a registry of assets and transactions across a peer-to-peer network. In essence, blockchain is a technology that lowers the uncertainty which we face when exchanging value. Whilst anonymity is often a core feature of blockchain technology; trust is not an issue as all members of the network hold a record of all transactions, making blockchain almost impossible to tamper with. This year ECOFIN will be debating on the impact of blockchain technology on the sustainability of development worldwide. Is it going to help us achieve these goals in a more effective way? Is it going to even increase the financial gap between people around the world? Is it going to change the definition of international finance and transactions?