(BlockBar) Sheila Warren, head of Blockchain and Distributed Ledger Technology at the World Economic Forum (WEF), is reported to claim that blockchain could be a solution to the worsening trust crisis that is happening globally.
As reported, Warren claimed that public trust towards governments, banks, media and institutions, namely in the U.S., is “rapidly eroding.” According to the reports, she thinks that blockchain, if used correctly, can be a solution to this problem:
“This technology could provide access to information that could enable third parties or other groups to actually come in and conduct audits of what is happening. And I actually think that could build faith back in institutions.”
It is worth noting that Warren believes the implementation of such auditable systems would be laborious but being able to prove the fairness of public processes and the authenticity of various media would bring vast benefits. She also said that if not solved now the trust crisis she referenced will have far reaching consequences in the future:
“In my opinion that [erosion of public trust] is one of the biggest crises we face. Because you’re going to rapidly move towards anarchy and that is a deep, deep problem.”
Warren also admitted the fact that she had owned some bitcoin (BTC) “almost as a joke,” but it is worth considering that she did not make the connection between bitcoin and blockchain for quite some time and it wasn’t until much later that she had learned about blockchain. She further explained:
“It took about another three years from when we first bought bitcoin for me to understand what blockchain was.”
Warren also commented on the councils recently formed by the WEF. She told that six councils are dedicated to the fourth industrial revolution. To be noted, these councils are also dedicated to blockchain technology and are also meant to be a trusted place for world leaders to experiment and share their challenges, concerns and success stories involving technology.A news was spread at the beginning of the month that the WEF has teamed up with over a hundred global supply chains and logistics leaders to standardize blockchain apps in the industry.
