WEF Calls For Corporate Consensus On Blockchain

WEF Calls For Corporate Consensus On Blockchain

Blockchain, or distributed ledger technology (DLT), could soon lead to the rise of a new internet era. It will supposedly be even more disruptive and transformative.

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Blockchain, or distributed ledger technology (DLT), could soon lead to the rise of a new internet era. It will supposedly be even more disruptive and transformative, as the World Economic Forum wrote in a white paper published recently.

The researchers state that the blockchain is a new resource, a public utility like the internet.

“Thanks to the smartphone business driving very low-cost systems, your lawnmower or dishwasher is going to come with a CPU that is probably a thousand times more powerful than it actually needs, so why not have the appliance mine? Not to make money, but to contribute to the security and viability of the blockchain as a whole.”, as Paul Brody, principal and global innovation leader of blockchain technology at Ernst & Young, commented on page 5 of the white paper.

The white paper provides a structured analytical framework and taxonomy for use by industry, technical governmental, civil society and other stakeholder.

The researchers consider how these industries can collaborate to resolve problems and seize opportunities that are beyond reach of any singly entity. In addition, they argue that the model that evolved in the 1990s and 2000s to govern the internet should serve as a model for how to govern this new resource, as finextra.com reported.

“This report helps us to understand that a distributed blockchain ecosystem need not be a disorganized one, and improved governance need not simply formal governmental legislation or regulation.”, as Richard Samans, Head of the Global Challenges Team and Member of the Managing Board at the World Economic Forum, commented.

“A cooperative process of multistakeholder dialogue and stewardship could go a long way in improving trust and helping this exciting new technology develop in a socially beneficial manner. This is the broader purpose of the Forum’s new Center for the Fourth Industrial Revolution: to provide an international platform for public-private dialogue and cooperation that supports the constructive, inclusive stewardship and agile governance of new technologies.”, as he added.

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