In this paper, we attempt to explore the extent to which the hard won development gains over the last several years could be reversed due to the unfolding COVID-19 global pandemic, how we can reboot the global response to accelerate the SDGs in times of uncertainties, and most importantly how to turn the recovery into an opportunity to build back better and more resilient economies. To do so, we examine the case of blockchain as one of the emerging innovative work-streams in development practices that could lead the way forward and pave the path for new developmental narratives as we all navigate the uncharted territories of the new digital age. This paper provides useful insights about the underlying dynamics underpinning the adoption of blockchain backed-solutions for sustainable development, and it showcases some of the promising use-cases being developed through trial-and-error experiments by its early adopters. The paper offers a deep dive into a burgeoning development practice in search of disrupting business-as-usual to solve increasingly complex development challenges by mainstreaming innovations such as blockchain-enabled solutions to rethink the ways in which development solutions are being delivered across the SDG spectrum. This work points to the significant potential of blockchain technology as a game changer in solving some of the most pressing issues hindering the global recovery post Covid-19 to transition towards greener and more inclusive economies. Nevertheless, we also stress that the hype-cycle behind the “let’s blockchain it” trend does not mean that blockchain-backed solutions are necessarily superior to other alternatives which might be less costly and less technical in nature. Development practitioners prototyping and implementing blockchain-based solutions for sustainable development can utilize these insights and discussions to make informed decisions in their journey to harness the disruptive potential of blockchain alone or in tandem with other emerging technologies in the new world of business as unusual.
As the world is striving to recover from the shockwaves triggered by the COVID-19 crisis, all hands are needed on deck to transition towards green recovery and make peace with nature as prerequisites of a global sustainable development pathway. In this paper, we examine the blockchain hype, the gaps in the knowledge, and the tools needed to build promising use cases for blockchain technology to accelerate global efforts in this decade of action towards achieving the SDGs. We attempt to break the “hype cycle” portraying blockchain’s superiority by navigating a rational blockchain use case development approach. By prototyping an SDG Acceleration Scorecard to use blockchain-enabled solutions as SDG accelerators, we aim to provide useful insights towards developing an integrated approach that is fit-for-purpose to guide organizations and practitioners in their quest to make informed decisions to design and implement blockchain-backed solutions as SDG accelerators. Acknowledging the limitations in prototyping such tools, we believe these are minimally viable products and should be considered as living tools that can further evolve as the blockchain technology matures, its pace of adoption increases, lessons are learned, and good practices and standards are widely shared and internalized by teams and organizations working on innovation for development.
As we embrace the new normal in the aftermath of Covid-19, the year 2020 also marks the decade of action as we start the 10-year countdown to achieving the Sustainable Development Goals (SDGs) by 2030. In this paper, we attempt to explore the extent to which the hardly won development gains over the last years could be reversed due to the unfolding COVID-19 global pandemic, how do we reboot the global response to accelerate the SDGs in times of uncertainties, and most importantly how to turn the recovery into an opportunity to build back better and more resilient economies. To do so, we examine the case of blockchain as one of the emerging innovative work-streams in development practices that could lead the way forward and pave the path for new developmental narratives as we all navigate the uncharted territories of the new digital age.
Since the adoption of the SDGs in 2015, it has been a 5-year journey of trial and error experimentations all over the world to come up with innovative solutions beyond business-as-usual and get the job done. In this paper, we assess blockchain-backed solutions beyond the hype. While the technology has a promising potential to trigger disruptive innovations to fulfill the SGDs, it is not mature yet with many gaps in terms of approaches and tools to develop blockchain use cases, monitor and evaluate blockchain experiments, mitigate associated risks and ethical considerations while managing changes within organizations leading blockchain-powered platforms. It is only by filing these gaps that blockchain can deliver its promises and may be effectively used as an SDG accelerator. Islamic finance can play a key role in shaping the transition towards a more circular economy. One promising way of doing so, is by scaling-up the use of blockchainenabled solutions in the practices of circular economy and Islamic finance. As the technology is still getting mature, more innovative and applied research is needed to capitalize on the lessons learned within various geographies and across a wide range of economic, social, and environmental spectrums.
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