The World Economic Forum receives comments explaining the blockchain principles

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Important facts:
  • After the presentation in Davos, the blockchain policy statement looks for new comments.

  • Blockchain is an extremely important technology for the World Economic Forum (WEF).

The World Economic Forum (WEF) encouraged the general public to submit their comments or suggestions on its policy statement on decentralization.

Sheila Warren, Director of Blockchain and Cryptocurrencies at the WEF, invited by her Twitter to all developers of blockchain applications to send your comments on how to improve user protection when using this technologyIn addition to sharing their impressions about the principles proposed by the financial institution.

The document It can be found on Github and has mechanisms on this platform that allow experienced users to post comments by making pull requests, as well as for those who are not so familiar with the technically correct method of posting their comments on Github to do the same.

The publication is called Presidential principles:: Basic values ​​for a decentralized future (Basic values ​​for a decentralized future)and presents Blockchain as the “Pillar of the 4th Industrial Revolution”, indicating its ability to revolutionize multiple areas as well as the public and private operational sectors, prompting users, developers, and regulators to elevate these principles at any time. Comments will be received until May 5th.

The four pillars described are:

  • Transparency and accessibilityto ensure clarity and understanding of the rules of consensus and the operation of blockchain platforms as well as the rights of the user.
  • Data protection and securityto protect user data according to international technical standards.
  • Independence and interoperabilityThis gives the user control over their data and the tools with which they can use certain platforms, e.g. B. private keys.
  • In the end Accounting and governance, two features that allow users to “know what resources they have” while making platform decisions and managing information of interest or property.

They also invite individuals and organizations in the ecosystem to implement, discuss, and disseminate these principles in their space of action so that they can be standardized at various levels in the industry, including as a basic assessment criterion to achieve this.

We hope that this document will be used by developers of this technology, as well as by users and legislators, as part of a shared vision of how to reconcile the trust and capacity of developers and users of these applications, which have somewhat decentralized features. Note that these guidelines are not mandatory for public blockchain networks, but are a guide for organizations that create systems without centralized coordination..

Blockchain, a technological panacea according to the WEF.

The initiative of The creation of a Blockchain Bill of Rights was published by the Global Blockchain Council in January this year y got introduced at the Davos Economic Forum between the 21st and 24th of this month. The organization considered the importance of blockchain based on IDC fixed estimates, This suggests that $ 12.4 billion will be invested in the industry in 2020.

WEF has an eye on blockchain

Despite the fact that the famous economic forum mainly discussed dealing with climate change and global warming, the WEF shines in Blockchain the technological panacea for many areas; particularly with regard to the incidence of the coronavirus pandemic in economic activities.

For example, they recently released A practical guide for companies to evaluate blockchain implementation in the supply chain;; one of the most affected areas of the world economy.

The document Redesigning Trust: Blockchain Deployment ToolkitThe 244-page extension contains a list of key factors such as digital identity, platform interoperability and security. Even one of its sections discusses the implementation of the Zero Knowledge Test (Zk-Proofs) and other cryptographic mechanisms. while the General Data Protection Regulation (GDPR) of the European Union, which has the ability to delete or move data, and this could lead to conflict with the fundamental nature of blockchain as a technology, a fact that was warned last year by a study by the European Parliament’s research service.



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