Applications and Use Cases

From Buzzword to Business, World Economic Forum Says Enterprise Blockchain Will Flourish in 2020

January 06, 2020

As world leaders prepare to travel to Davos, Switzerland again this year, the World Economic Forum (WEF) just came out with its predictions on blockchain, saying in part the technology “will have to transform from buzzword to business.”

In a post published on its blog (and on Coindesk), “in 2019, the focus on blockchain shifted from hype to quality” but “in 2020, there is an opportunity for blockchain to have a social impact.”

But projects will only succeed if there is adequate governance and a collaborative approach.

“At the World Economic Forum, we’re keen to ensure that greater blockchain adoption, which we deem inevitable, happens in ways that support inclusion and avoid replicating the consolidation of power that currently exists, particularly in the financial system,” the article says in their bold statement.  “In addition, we remain focused on rationalizing this technology across sectors and publicizing our learnings in an effort to guide the public sector and civil society knowledge, funding, and robust experiments.”

They are recommending a high level of collaboration between public and private institutions, noting their own Central Banks Digital Currency project with more than 45 central banks participating. Their CBDC will launch in Davos at the 2020 Annual Meeting.

“This year, we expect to see increased experimentation with hybrid blockchain models, both in the financial sector (for example, decentralized finance or DeFi and “synthetic” CBDCs) and the public sector (increased use of smart contracts),” the WEF says, and while “We are not close to realizing the promise of truly decentralized systems, but the space continues to evolve in exciting new ways, and it’s just a matter of time before something huge gains traction.”

We will continue to follow and report on developments on Blockchain Domain, while covering the many stories across multiple industry sectors and private, public, open communities and numerous consortiums as 2020 accelerates adoption and inspires investment.

Arti Loftus is an experienced Information Technology specialist with a demonstrated history of working in the research, writing, and editing industry with many published articles under her belt.

Edited by Ken Briodagh



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