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BitBrighton • October 28, 2017

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Global Blockchain Business Council Debuts at Davos 2017

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To establish a global voice for the blockchain industry, the Global Blockchain Business Council (GBBC) will connect business leaders together and highlight innovations stemming from distributed ledger technology. The new blockchain advocacy group is made possible by the coalition between Bitfury as well as multinational law firm Covington.

Explaining the mission of the Global Blockchain Business Council, Valery Vavilov, CEO of the Bitfury Group said, “The GBBC will provide a much-needed forum for businesses, innovators and technologists to come together and explore the many opportunities that blockchain technology has to offer.”

Scheduled to launch alongside this year’s World Economic Forum commencing January 17, GBBC will also work on educating business leaders regarding blockchain technology. According to a Deloitte survey conducted last year, almost 40 percent of the 309 participants had “little to no knowledge” of the technology.

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Their debut on January 17 at the Ameron Swiss Mountain Hotel will have notable people present such as Patrick Byrne, CEO of Overstock, as well as the former Prime Minister of Sweden and former President of Estonia, just to name a few. The attendance of persons outside of the technology sector shows the growing interest and realization of potential that the blockchain technology has, and the GBBC has positioned itself to be an excellent intermediary for future blockchain usage.

While the comparison to the blockchain consortium, R3, which initially attracted banking giants such as Goldman Sachs and Banco Santander, has been made, Jamie Smith from Bitfury states the two projects are not as alike as people make them be. While R3 is utilizing the blockchain for more bank-specific use cases according to Smith, GBBC would take a much broader approach, supporting business leaders and their ambitions with the blockchain in any way possible.

Smith also stated that there was a desire for education on blockchain technology and this would form one of the three pillars of the Council’s strategy, along with partnership and collaboration:

“The GBBC seeks to educate business leaders on blockchain technology, support businesses interested in implementing blockchain technology to advance their goals, and provide a forum for businesses and technology experts to collaborate on blockchain-based business solutions.”

Finally, the Council has several events planned a series of events for 2017 in locations such as Brazil, London, and Hong Kong. “We’re aligning them with significant events already happening,” Smith told CyberScoop, to maximize the impact of the networking effect.

With Bitcoin and blockchain technology receiving more attention as of late, especially with the current bull run, an avenue for businesses to learn about the backbone of cryptocurrencies and how it can be used to benefit business operations will become a much-needed catalyst regarding cryptocurrency adoption and growth.