World Economic Forum to assist Businesses to adopt Blockchain Technology

The World Economic Forum (WEF) has developed a framework it believes will assist businesses to decide on how to adopt blockchain and distributed ledger technologies. In its whitepaper released on Monday, the organization described a decision-making tool which would help businesses develop the right approach towards blockchain application.

To design its toolkit, WEF drew upon real-world experiences from several projects involving blockchain and distributed ledger technology (DLT). The framework is a practical guide to help business executives understand whether DLT will benefit their businesses. It warned businesses not to follow the hype about blockchain without proper information.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“For any organization, blockchain technology should not be a goal in itself but a tool deployed to achieve specific purposes” World Economic Forum[/perfectpullquote]

In its announcement, WEF explained that the Imperial College London analyzed the blockchain and DLT related projects to come up with an initial framework which was later reviewed and further developed by members of WEF’s 2017 Global Future Council on Blockchain. The framework was tested in Davos at the World Economic Forum Annual Meeting 2018. Global chief executive officers (CEOs) used the tool at the annual event.

The blockchain framework is part of broader efforts World Economic Forum’s Center for the Fourth Industrial Revolution which is “co-designing and piloting policy frameworks and governance protocols across nine areas of focus.” Other areas like Artificial Intelligence and Machine Learning; Internet of Things and Connected Devices; Autonomous and Urban Mobility are some other areas of interest.

In its detailed report, WEF described three categories of DLT systems namely; the permissionless public systems; private permissioned systems; and hybrid systems. It also contained a decision tree which uses a step-by-step questionnaire to determine what approach best suits a business.

The World Economic Forum promised to release customized versions of the toolkit which focuses on specific sectors and use cases.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.

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