‘Blockchain could’ve eased the lives of many people fleeing the Russia-Ukraine war’

Could blockchain have been used to help people fleeing the ongoing Russia-Ukrain conflict?

Blockchain could have eased the lives of many of the people fleeing the Russa-Ukraine war, believes Michelle Chivunga, CEO and Founder of Global Policy House (GPH), an organisation aiming to close the digital, identity and finance divide, primarily in Africa.

Speaking at a panel session on the first day of the Binance Blockchain Week in Dubai, Chivunga said that blockchain is all about people and can be used to support people during various calamities such as war, conflicts and pandemics.

“One of the biggest challenges the victims of the ongoing conflict in Europe is leaving their homes with almost nothing; they have no access to wealth. But most of them have their mobile phones. If they had cryptocurrencies like Bitcoin available and accessible on their phone, they could have used them to pay for things,” she said in the session “Embracing Social Responsibility in the Blockchain Industry”.

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During the war, digital assets could have benefitted many people displaced by conflicts. We must start thinking beyond the financial aspects of blockchain and use it to support the refugee communities.

“So the role of these digital assets is starting to evolve. You’re starting to see these digital assets used in non-conventional environments, not just in the traditional finance industry. What I mean is that these currencies will evolve and will be utilised in trade and other areas, even in conflict situations.

From a social impact angle, one of the most transformational things about blockchain is that it helps build social capital, meaning we can get people working and collaborating. Because of the nature of blockchain and how it helps make things a bit more trustworthy, it could bring transformational change. “We’re starting to see blockchain used in social and sustainability sectors, not just in the financial industry,” she said.

The panellists also touched upon the other critical use cases of blockchain, such as in supply chain and trade finance: “We are starting to see more use cases coming within the trade and supply chain areas. It will benefit, for example, small and medium enterprises in addressing the sustainability issues.

Also, we can apply this technology to eliminate corruption and money laundering, etc. It can also deliver on the UN’s Sustainable Development Goals, reduce poverty and hunger, and promote education. We, at GPH, have invested in women-led businesses to educate them on crypto and blockchain and how we can use digital assets and blockchain to act and create work for themselves. So, with blockchain in place, we can start to measure social impact. In other words, we must contextualise how we can use blockchain to bring benefits to people.

GPH’s goal is to evaluate, educate and empower through cutting-edge emerging technology innovations, providing digital, financing and policy solutions that are inclusive and sustainable. It also focuses on the development and reskilling of people, including women, youth and underrepresented marginalised groups’ development and empowerment.

(The writer is currently on a visit to the UAE)

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