The World Economic Forum’s Head of Blockchain and Distributed Ledger Technology, Sheila Warren, recently commented on the growing blockchain need. Specifically, she argued blockchain technology is necessary to combat the worsening international trust crisis.
Blockchain needed to combat worsening trust crisis
Warren made these comments in a recent interview with Cointelegraph. In it, Warren explained that society as a whole is experiencing eroding public trust towards a host of institutions.
For example, governments, banks, and media outlets are some of the institutions the public has increasingly begun to question. Moreover, Warren also noted that this erosion of public trust is currently most notable in the United States.
Although this prospect might sound bleak, Warren said that this growing issue has a comparatively simple solution; blockchain technology. If blockchain technology is employed correctly, Warren argues that it would be an effective tool to combat the trust crisis.
“This technology could provide access to information that could enable third parties or other groups to actually come in and conduct audits of what is happening. And I actually think that could build faith back in institutions.”
Although Warren ceded that widespread implementation of blockchain technology might be a hurdle, she argued it is necessary. Due to blockchain’s transparent nature, this could allow the public to audit public processes and their fairness.
Warren: Blockchain trust solves one of the biggest crises in our time
Moreover, blockchain technology could, according to Warren, also help determine the authenticity of different media channels. Warren also noted that people do not fully appreciate the seriousness of the trust crisis.
“In my opinion [the erosion of public trust] is one of the biggest crises we face. Because you’re going to rapidly move towards anarchy and that is a deep, deep problem.”
Furthermore, Warren is a prime example that you don’t have to be an engaged cryptocurrency supporter to realize the benefits of blockchain technology. In fact, Warren admitted that although she had bought some Bitcoin almost jokingly, she remained unaware of the blockchain for quite some time.
“It took about another three years from when we first bought Bitcoin for me to understand what blockchain was.”
In addition to this, Warren explained that the WEF is currently attempting to promote blockchain trust as a way to handle the worsening trust crisis. Nevertheless, the World Economic Forum is actively pursuing a number of new fields.
In addition to one for blockchain technology, the WEF recently formed several new councils. These will aid in regulating artificial intelligence, drones, autonomous mobility, precision medicine, and internet of things applications. The WEF is not alone in calling for improved blockchain regulations – just yesterday the Financial Stability Board did the same.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.