OECD Blockchain Policy Forum On Distributed Ledgers Opportunities And Challenges

The Organization for Economic Co-Operation and Development has decided to expand on the benefits of blockchain technology by setting up an international conference. The company announced their intention to host the event on Wednesday, and it will be held in Paris on September 4th and 5th.

During the conference, the OECD plans to discuss how blockchain can positively support various government activities. Some of the featured guests include OECD Secretary-General Angel Gurría, Serbia’s prime minister, Bermuda’s prime minister, the Republic of Mauritius’s prime minster. Slovenia’s State Secretary is already planned as a guest as well. There will be an added 400 “senior decision-makers from the public and private sectors” at this event.

Attendees of this event will also talk about how blockchain can change the economy of the entire world, along with the way it applies to the privacy and cybersecurity of people who are on it. Blockchain also is a way to include other industries, so the discussion will also turn to green growth and sustainability as it is applied to these different industries.

In the news release about the program the OECD said,

“Blockchain has the potential to transform how a wide range of industries function. Fulfilling its potential, however, depends on the integrity of the processes and requires adequate policies and measures while addressing the risks of misuse. Governments and the international community will play a significant role in shaping policy and regulatory frameworks that are aligned with the emerging challenges and foster transparent, fair and stable markets as a basis for the use of blockchain”

To get consumers ready for this conference, the OECD published a paper called “Blockchain Technology and Competition Policy,” which can be viewed on their official website. In the document, there are multiple ways that the OECD says that blockchain technology can be used for both governmental purposes and private application. It goes in-depth with the principles of this innovation, while also addressing the way to build up a blockchain-based platform.

As an example, they specifically touch on the R3 software firm, saying that they modified the ledger platform “specifically for business.” Discussing their Corda project, the paper says,

“Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.”

The possibilities of blockchain seem to be endless at this point. The paper specifically notes different use cases, saying that it is pivotal for,

“helping enforcers to clamp down on avoidance of tax and other laws and regulations; to support monetary and fiscal policy via sovereign-backed cryptocurrency; to create digital land titling and other registries, to help citizens prove their identity and vote, and to increase the efficiency and transparency of public services.”

More information is to come, but the best bet for many individuals and businesses is to read the paper and attend the conference. For anyone that wants to see the event, but cannot physically attend, the OECD is making the conference accessible through a livestream.

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