World Economic Forum to Focus on Blockchain as Part of Its Fourth Industrial Revolution Councils

The world is ever-changing and evolving and the emergence of new technologies constantly creates the need for world powers to stay up-to-date with them and also to create necessary regulations to make sure that they can thrive without entirely disrupting the current systems in place.

In view of this, the World Economic Forum has announced on May 29, 2019, that they will be forming 6 Fourth Industrial Revolution council which will oversee new technology policy guidance. The council, according to the official statement, will enable the regulation of artificial intelligence, autonomous mobility, blockchain, drones, internet-of-things, and precision medicine. The councils will be comprised of 200 individuals from public and private sectors, civil society and academia. The main focus of these councils will be to address the absence of clearly defined rules with regards to these areas which is a much-needed function.

The Need For Laws

Among many emerging technologies such as blockchain, there has been a need for definite laws that will relate to how the technology will be integrated into the larger society and how they will function among other existing technologies. In the past, two major issues have been faced in this regard which is that laws often do not exist to cater to these technologies or the laws are unsuitable.

For example, certain countries did not have any existing tax code for cryptocurrency and for years, crypto holders went without paying any tax to any official body until laws were set up to accommodate them. Another issue that was commonly faced were laws being created that either stifled industry altogether or were simply unsuitable for them. Certain aspects of blockchain, for example, have been banned across the world and that has killed off entire Industries and forced companies to move to more welcoming climates.

By creating councils like this, these issues can be addressed head-on to avoid problems in the future.

Moving Forward

As per the official report, the council held its first meeting on May 29, 2019, at the Forum Centre for the Fourth Industrial Revolution network in San Francisco. These organizations will enable cross-country policy exchange, address regulatory gaps and so on. This is very important as various countries differ in their regulations on various new technologies and this often creates an environment of confusion with various firms and individuals having to navigate different policies in different regions. The council will help create uniformity in policies across the world and does help in clearing the air

Some of the co-chairs of these councils include representatives from the Chinese Academy of Medical Sciences, Dana-Farber, European Commission, technology giant Microsoft, mobile microchip manufacturer Qualcomm, Uber and the World Bank.

All in all, this initiative will benefit various countries around the world both economically and socially as most of these new technologies will see more comments in next few decades and it is important to establish frameworks for them ahead of time so as to ease the transition and make it easier for citizens and Industries to thrive. This also explains the diversity in the background of the various co-chairs who will be working with the various councils.

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Tokoni Uti
Tokoni Uti
Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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