World Economic Forum (WEF) Head Says Blockchain Technology is the Trust Crisis Savior
- There is a major trust issue amongst consumers with banks, governments, and similar entities.
- Sheila Warren of the WEF believes that blockchain could instill the much-needed trust.
There is an unsurprising lack of trust from the public regarding banks, governments, media, and institutions, according to a recent interview with Sheila Warren and CoinTelegraph. Warren, who is the head of blockchain and distributed ledger technology at the World Economic Forum (WEF), even said that the trust is “rapidly eroding,” adding that blockchain technology could be used to solve the problem.
During the interview, Warren commented that the tech creates an opportunity to access information that third-party groups could ultimately audit to determine if the information is accurate. Warren boldly added, “I actually think that could build faith back in institutions.”
Warren went on, saying that it would take a lot of work to actually implement these systems that are available for auditing, but the decision would end up proving how fair the public processes actually are. With proven authenticity, Warren said that there will be substantial benefits, but the lack of solution for this so-called crisis will have detrimental consequences. She called this issue “one of the biggest crises we face. Because you’re going to rapidly move towards anarchy and that is a deep, deep problem.”
Regarding Bitcoin, Warren said that she had “almost as a joke” owned the crypto asset. However, she remained unaware that blockchain technology and cryptocurrency were intertwined for a while. After about three years from her Bitcoin purchase, she finally started to understand what blockchain technology was and what it could do.
The WEF has already created six councils in an effort to push along the fourth industrial revolution, though part of their focus is on blockchain technology as well. These councils provide a safe place to experiment with the technology as world leaders voice their experiences, concerns, and success with implementing the technology.
At the beginning of June, the WEF decided to team up with 100 leaders in the global supply chain and logistics industry, aiming to make blockchain apps more of the standard.