Monaco, front-runner of blockchain technology

The second annual Blockchain for Impact Global Summit, co-hosted by the United Nations Office for Partnerships and the Blockchain Commission for Sustainable Development, was held on 4th June 2019.

The Blockchain Commission for Sustainable Development was created in September 2017, during the 72nd session of the UN General Assembly. Its aim is to develop a network of world leaders in the field, who would utilize blockchain-based technologies to develop local, national and global solutions for the most urgent challenges of our day.

The Commission launched "Blockchain for Impact", a collaborative platform promoting the participation of multi-sectoral actors (governments, civil society, private sector) to explore, create and promote the use of this technology toward the achievement of the Sustainable Development Goals.

Monaco, leader and front-runner in this fast-growing field, was invited to deliver the keynote speech of the Summit. H.E. Mrs PICCO, Permanent Representative of the Principality of Monaco to the United Nations, underlined the opportunities arising from the development of blockchain technologies, considering its wide field of application. However this “lever of development” cannot be achieved without the adjustment of infrastructures, training and education, the strengthening of institutions and the development of a legislative framework. Without an adequate framework, the divide between developed and developing countries could worsen.

H.E. Mrs PICCO presented H.S.H. the Sovereign Prince’s program "Extended Monaco” launched on April 30th, which aims to use blockchain technology to improve the health system, economy, and mobility, helping make Monaco a "Smart Principality". She added the Principality is about to adopt a legal framework for this technology that guarantees traceability, transparency and data security.

She also mentioned the Monaco International Blockchain (MIB), launched in the Principality in 2018 and the first ICO project with the Icebreaker company of filmmaker Luc Jacquet settling in Monaco.