World Economic Forum’s Slow Dance with Blockchain Technology

Blockchain: A Buzzword or a Game Changer?

Richard Samans, Managing Director of the World Economic Forum (WEF), recently expressed that the organization isn’t quite ready to steer the Blockchain revolution. It seems those high-up executives may know the term, but discussing Blockchain is like asking a toddler to explain quantum physics. They might shout out ‘quantum!’ but would likely get tangled in the details.

Education Needed: The Blockchain Blind Spot

According to Samans, the executive community appears to have a considerable blind spot regarding Blockchain technology. Most leaders seem to know the buzzword but lack an understanding of its real potential. Samans states,

“Most of this leader-level community is not very well versed in Blockchain.”

Basics, folks! If you’re thinking about leading any tech revolution, at least have a decent grasp on what you’re working with!

Initial Steps: WEF’s Preliminary Research and Reports

The WEF’s Blockchain working group is on it, having released an in-depth report penned by the Blockchain Research Institute co-founders, Don and Alex Tapscott. This report explores how Blockchain can optimize efficiency, security, and trust in transactions. Sounds impressive! But what does that mean for governments and businesses?

Collaboration: The Key to Blockchain Success

The report emphasizes collaboration. Imagine a potluck dinner where everyone brings their best dish; even the grumpy uncle at the end of the table contributes something delicious for the good of the feast! In this case, governments, private companies, and consortia all need to bring their ‘best dishes’ together to whip up the ideal Blockchain implementation.

WEF Working Groups: Blockchain on the Agenda

The WEF isn’t just lingering in the sidelines; they’ve established working groups to promote the use of new technologies. The first one, the Global Future Council on the Future of Blockchain, includes high-profile members like Richard Gendal Brown from R3 and Brian Behlendorf, Executive Director of Hyperledger. It’s like putting together an All-Star team of Blockchain enthusiasts!

Explorations of the Fourth Industrial Revolution

Launched back in October 2016, the second group, the Fourth Industrial Revolution, explores broad areas including distributed ledger technology, drone applications, and even ways to harness artificial intelligence. Partners include big names like Palantir Technologies and Salesforce. They aren’t just bringing cupcakes to this party; they’re investing in the future!

What’s Next for WEF and Blockchain?

As the world continues to evolve, how will the WEF catch up with the growing demand for Blockchain understanding? Further education and the right collaborations will be critical. Maybe a Blockchain 101 course is in order? Whatever it takes, getting the leaders up-to-speed is essential to harnessing the full potential of this revolutionary technology. Until then, we’ll just have to wait and see what this cake looks like when it’s baked.