Blockchain systems have no central points of control, are powered by the internet, and are governed by computer code normally referred to as smart contracts. Digital currencies (e.g bitcoin) are famous applications of blockchain technologies, nevertheless, these technologies have promises that go beyond currencies or financial transactions.
UNICEF Ventures explores these technologies, with the potential to impact children and young people globally. The team sees blockchain technology as having benefits in 3 main ways: 1) strengthening resources through innovative financing models; 2) increasing the efficiency and transparency of internal processes, and; 3) fundamentally disrupting broken systems to deliver programmes for children in new ways. The approach to achieving this is by researching and prototyping with both internal and external stakeholders.
To understand the technical, social, ethical, and legal challenges of utilizing blockchain technologies in our complex and interconnected world — the team is exploring this space with open eyes on practical experimentations of cryptocurrencies, smart contracts, digital scarcity, digital collectibles and various types of tokens.