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World Economic Forum Report Calls for Incubation of "Responsible Blockchain Ecosystem"

World Economic Forum Report Calls for Incubation of “Responsible Blockchain Ecosystem”

Reading Time: 2 minutes by on September 17, 2018 Blockchain, Commentary, Development, Finance, News, Regulation
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According to a report published by The World Economic Forum, dated September 14, 2018, blockchain technology might eventually disrupt the way the world utilizes environmental resources, and help steer a sustainable growth pattern along with value creation.

“Responsible Blockchain Ecosystems”

The report, released at the Global Climate Action Summit in California, has identified more than 65 ways that the blockchain can be utilized to circumvent the world’s most challenging environmental issues.

It states that rather than establishing individual applications and companies, there is an imminent need for new global platforms to foster “responsible blockchain ecosystems” that will be better suited to address the challenges at hand.

Released in collaboration with PwC and Stanford Woods Institute for the Environment, the report highlights some of the looming environmental issues being faced by the planet today including, climate change, ocean and water security, air pollution, and biodiversity conservation.

The report goes on to call the blockchain technology a “game changer,” citing its immense potential in supply chain management tracking, and enabling full transparency and traceability. This development could help suppress unethical market trading activities, lower administrative costs, minimize safety and quality issues and help avoid litigation.

Untapped Opportunities in Environmental Systems

Although the distributed ledger technology (DLT) has been continually pushed in the finance and banking sector, considering its malleability and characteristics to change industry best practices, the report mentions that the DLT’s application in environmental systems largely remains unexplored.

Sheila Warren, Head of Blockchain and Distributed Ledger Technology at the World Economic Forum’s Centre for the Fourth Industrial Revolution, believes that the technology has already garnered considerable hype regarding its potential to fundamentally disrupt the existing business and governmental models. She added:

“Despite this hype, there are many challenges to overcome – it is still a nascent technology undergoing rapid development. Now is the right time for stakeholders to work together to ensure the development of responsible blockchain solutions that are good for people and the planet.”

On a similar note, Dominic Waughray, Head of the World Economic Forum’s Centre for Global Public Goods, called for “deliberate collaboration” among technology industrialists and environmental policy-makers to not only develop a technology application but to help establish an ecosystem that works collectively towards the betterment of the environment.

Another interesting development related to the blockchain’s application in environment preservation revolves around the non-profit organization SEED Madagascar, which is dedicated to improving people’s living conditions and preserve the animals of the African island country.

In July 2018, BTCManager also reported on how the DLT is playing a pivotal role in the energy sector to ensure a greener tomorrow.

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