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The G20 countries should engage with blockchain technologies to build an inclusive, transparent, and accountable digital economy for all

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  • Maupin, Julie

Abstract

Blockchain technologies hold the key to building an inclusive global digital economy that is auditably secure and transparently accountable to the world's citizens. At a time when governments must fight to restore the public's faith in cross-border economic cooperation, blockchains can play a critical role in strengthening economic resilience while ensuring the global economy works to the benefit of all. The G20 must take decisive steps to harness this technology in service of its policy goals across the core focus areas of economic resilience, financial inclusion, taxation, trade and investment, employment, climate, health, sustainable development, and women's empowerment. Failure to do so risks further fragmenting the global economy, undermining public trust in international economic institutions, and pushing the most cutting-edge blockchain developments into dark web deployments that are beyond the reach of government influence. By acting now to embrace blockchains' socially beneficial properties and minimize their potential downside risks, the G20 governments can lay the foundation for a just, prosperous, and truly shared global economy.

Suggested Citation

  • Maupin, Julie, 2017. "The G20 countries should engage with blockchain technologies to build an inclusive, transparent, and accountable digital economy for all," Economics Discussion Papers 2017-48, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwedp:201748
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    Citations

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    Cited by:

    1. Laura Franke & Marco Schletz & Søren Salomo, 2020. "Designing a Blockchain Model for the Paris Agreement’s Carbon Market Mechanism," Sustainability, MDPI, vol. 12(3), pages 1-20, February.
    2. Rashed Al Karim & Md Karim Rabiul & Mahima Ishrat & Pornpisanu Promsivapallop & Sakia Kawser, 2023. "Can Blockchain Payment Services Influence Customers’ Loyalty Intention in the Hospitality Industry? A Mediation Assessment," Administrative Sciences, MDPI, vol. 13(3), pages 1-17, March.
    3. Kanavas Vasilios & Zisopoulos Athanasios & Stamatis Papangelou, 2018. "Small Forensic ¡°Smart-Law-Scripts¡± the First Step for Intelligent Justice Punishment in Law Enforcement, Economic Crime and Alternative Sentences," Business and Economic Research, Macrothink Institute, vol. 8(2), pages 154-167, June.
    4. Dorfleitner, Gregor & Muck, Franziska & Scheckenbach, Isabel, 2021. "Blockchain applications for climate protection: A global empirical investigation," Renewable and Sustainable Energy Reviews, Elsevier, vol. 149(C).

    More about this item

    Keywords

    blockchain; distributed ledger; tangle; cryptocurrency; Bitcoin; Ethereum; G20; WTO; Basel Agreements; Paris Agreement; international law; regulation; technology; innovation; transnational cooperation; trade; environment; financial system; monetary system;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • K24 - Law and Economics - - Regulation and Business Law - - - Cyber Law
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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