Tag Archives: World Economic Forum

World Economic Forum Blockchain led by Estonia

The World Economic Forum Blockchain created a new working group focused on the distributed ledger with the Estonian President.

This so-called “Global Futures Council on Blockchain Technology” will be met for the first time during an event held in Dubai  later this week. According to the World Economic Forum Blockchain the group will be focused on the development of governance models related to the distributed ledger.

Toomas Hendrik Ilves, president of Estonia for 10 years, will co-chair together with Jamie Smith, chief communications and marketing officer for bitcoin mining and blockchain services firm BitFury and a former official in the Obama White House.

Members of the group are: Ma Jun (chief economist for the People’s Bank of China’s research outfit) and Claire Sunderland Hay (head of the Bank of England’s fintech startup accelerator).

The group also include representatives from bitcoin-related startups such as BitPesa, Everledger, Ripple and Chain; and institutions such as Barclay’s and Deutsche Bank.

Here you can read the full list of the “World Economic Forum Blockchain” members.

“The distributed ledger or blockchain system of preserving data integrity and security is one of the most promising new technologies to emerge in the past decade. Its full potential is only now beginning to be realized. This Council will play a leading role exploring how blockchain can be used to improve security on the internet.”

The WEF counducted an internal research about the blockchain since 2015 and this new working group is part of a broader network of Global Agenda Councils, focused on problems such as climate change, AI and cybersecurity.

<img src="/images/worldeconomicforumblockchain.jpg" alt="World Economic Forum Blockchain " height="264" width="350" />

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

AirBnB wants to use the blockchain

Some months ago Don Tapscott, author of Blockchain Revolution book, explained how blockchain technology could replace services like Uber and AirBnB.
airbnb, blockchain, blecharczyk, city am,
In fact, at the World Economic Forum (WEF) held in Switzerland, Tapscott suggested: 

“Why do you need a 60 billion dollar corporation called Uber? You can have a real sharing economy which it would be a distributed application on the Blockchain […] and the same is for AirBnb”. 

AirBnB replies…

Well, even if might not be because of Tapscott’s suggestions, AirBnb is now interested in using the blockchain technology for its service. 
During a recent interview conducted by City A.M., in fact, Airbnb co-founder Nathan Blecharczyk annonunced the possible blockchain application among the company plans for this year.
These were Blecharczyk words:

“I think that, within the context of Airbnb, your reputation is everything, and I can see it being even more so in the future, whereby you might need a certain reputation order to have access to certain types of homes. But then the question is whether there’s a way to export that and allow access elsewhere to help other sharing economy models really flourish. We’re looking for all different kinds of signals to tell us whether someone is reputable, and I could certainly see some of these more novel types of signals being plugged into our engine”.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

European Union wants to monitor virtual currencies

On February 2nd the European Commission announced the decision to propose a new regulation for digital currency exchanges and wallet service providers.
In charge of this will be the European Council that has a mandate to do so by next June.
The objective of the new rules will be “to help identify the users who trade in virtual currencies” and also put an end to “the anonymity associated with such exchanges“,
These were the words of Valdis Dombrovskis during yesterday’s press conference:
By June at the latest we will propose measures to have better control of payment forms such as virtual currencies and anonymous pre-paid cards.
Dombrovskis continued by saying that the Commission wants to control and maybe prohibit transactions from high-risk countries that enter the EU: “In June the Commission will come up with an EU blacklist of such countries“, he said.
Dombrovskis previously commented: “We must cut off terrorists’ access to funds, enable authorities to better track financial flows to prevent devastating attacks such as those in Paris last year, and ensure that money laundering and terrorist financing is sanctioned in all Member States. We want to improve the oversight of the many financial means used by terrorists, from cash and cultural artefacts to virtual currencies and anonymous pre-paid cards, while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens”.
So this initiative clearly aims at fighting the potential use of virtual currencies by terrorists or criminals, although there isn’t so much evidence of such use.

In fact, a few days ago Europol concluded that there is no connection between Bitcoin and terrorism: “Despite third party reporting suggesting the use of anonymous currencies like Bitcoin by terrorists to finance their activities, this has not been confirmed by law enforcement”, said Europol.“Virtual currencies and their underlying technologies can provide faster and cheaper financial services, and can become a powerful tool for deepening financial inclusion in the developing world,” said IMF Managing Director Christine Lagarde, who presented IMF paper at the World Economic Forum, in Davos, during the panel Transformation of Finance.

A conclusion of the report is that virtual currencies fall short of the legal concept of currency or money. While acknowledging that there is no generally accepted legal definition of currency or money, the authors note that both are associated with the power of the state to issue currency and regulate the monetary system.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio