WEF Is Still Not Ready For A Blockchain Revolution

WEF Is Still Not Ready For A Blockchain Revolution

The World Economic Forum (WEF) has recently started researching blockchain technology. However, the organization`s managing director, Richard Samans,

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The World Economic Forum (WEF) has recently started researching blockchain technology. However, the organization`s managing director, Richard Samans, said that WEF is still not ready to lead a revolution in the field.

The international non-profit organization has so far focused on establishing a blockchain working group that published its first white paper last week.

The research named “Realizing the Potential of Blockchain” was published on June 28, and proposed that a new distributed network of “ecosystems” should emerge to assist the implementation of distributed ledger technology across three areas: a blockchain platform layer, an application layer and an overall ecosystem layer, in which participants analyze legal structure and regulation from a scientific business perspective, as coindesk.com wrote in a recent article.

The concept has attracted the attention of leaders in the field like the founder of the Enterprise Ethereum Alliance, Jeremy Millar, the executive director of Hyperledger at the Linux Foundation, Brian Behlendorf, the founder of the Chamber of Digital Commerce, Perianne Boring, and the chief communications officer at Bitfury Group, Jamie Smith.

The managing director of WEF Richard Samans acknowledged that many of his members still have a lot to learn about blockchain technology, inspite of the fact that WEF initiates blockchain-related projects in different sectors.

Speaking to coindesk.com, Samans said:

“Most of this leader-level community is not very well versed in blockchain. In fact, they may know the term, but they don’t know much about where the technology is right now and how it may be applied in multi-faceted ways throughout society.”

Therefore, the white paper written by Blockchain Research Institute co-founders, Don and Alex Tapscott, hopes to lay the framework for how existing consortia, private companies and governments could work together to use the potential benefits of a shared ledger of transactions.

Time will show whether developers and business leaders will be able to take advantage of the disruptive innovations in the field, as the article speculated.

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