World Economic Forum Blockchain Chair Sheila Warren: This technology can solve trust crises

share
World Economic Forum Blockchain Chair Sheila Warren: This technology can solve trust crises

The World Economic Forum (WEF) was established in 1971 as a non-profit foundation headquartered in Geneva, Switzerland. It is independent, impartial, and not tied to any special interests. The Forum actively engages influential figures from the political, business, and academic sectors to shape global industry agendas.

Table of Contents

According to a report by Cointelegraph, Warren stated in an interview that public trust in government, banks, media, and institutions (i.e. the United States) is "rapidly eroding." She mentioned that utilizing blockchain technology correctly could address this issue: "This technology can provide access to third parties or other organizations to their information and audit what is happening. I actually think this could build trust within institutions." Warren further explained that she believes implementing such an auditable system would be quite challenging, but proving the fairness of public processes and the authenticity of various media would bring significant advantages. She emphasized that if not resolved, the trust crisis she mentioned would have long-term implications: "In my view, the 'collapse of public trust' is one of the biggest crises we are facing. It will lead to a rapid descent into anarchy, which is a very profound issue." Warren also admitted to owning some Bitcoin in the past, and at the time she thought it was "almost like a joke." She did not further delve into understanding the connection between Bitcoin and blockchain for a long time until later when she grasped blockchain. She pointed out: "It took about three years from our first purchase of Bitcoin until I understood what blockchain was." Warren further noted that the World Economic Forum recently established a Technology Policy Committee, dedicated to the Fourth Industrial Revolution and blockchain technology. They also welcome world leaders to share their challenges, events of concern, and any successful tech stories.

Join now to get the most comprehensive information on financial technology, blockchain insights, and industry examples!