Ever wanted to know more about blockchain and why everyone’s talking about it (but were too afraid to ask)?! The Institute of Development Studies (IDS) has produced an excellent overview of what Blockchain is and how it might be used in development.
Basically, as a digital ledger of transactions that is distributed, verified and monitored by multiple sources simultaneously, blockchains have disruptive and transformative potential.
Blockchains can be used for microfinance, remittances, digital registries, tracking aid, smart-aid contracts and peer-to-peer aid. The IDS bulletin notes that blockchain “has the potential to offer new ways to track aid and tackle corruption, facilitate smart-aid contracts and cut costs for international payments, but experience suggests it is through adding value to existing development processes that it could have the most benefit.