World Economic Forum Creates Blockchain Bill Of Rights
World Economic Forum Creates Blockchain Bill Of Rights Sheila Warren, head of Blockchain and distributed notebook technology at the World Economic Forum, and Sumedha Deshmukh, the Project expert in the blockchain and distributed notebook technology team at the World Economic Forum, made statements about the “Blockchain Bill of Rights” to be created about Blockchain.
Risks Associated With Development
According to the duo’s statements, the past few years have shown that there have been shortcomings in protecting users as technology has improved. Rather, it’s something that comes about as a result of user protection, intent, commitment, and deliberate design… without that dedication from the beginning, technology often brings with it various risks, and these risks can have extensive consequences.
It is expected to spend $ 12.4 billion on the blockchain technology space by 2022, according to the announcement. So the protection of rights could become a much bigger issue in the coming years.
On the other hand, Blockchain users are already experiencing the consequences of being deprived of various rights, according to the duo’s statements. The sudden rise and subsequent fall of ICOs in 2017 and 2018, fraud and unsustainable business models caused users to suffer significant losses. It also provided a case study of what could go wrong in the market.
What Are The Dangers?
Organizations that want to work on Blockchain technology may face very serious problems in the future if they do not consider the following:
- Risks to users
- Competitive element
- Current gaps
Because of all the risks mentioned above, the World Economic Forum’s Global Blockchain Council sets out “the Blockchain Bill of Rights: Design Principles for a decentralized future.” Developed with a fundamental vision of how users can and should be protected as Blockchain technology evolves, the laws address:
- Agency and interoperability: the right to own and manage data.
- Privacy and security: the right to data protection.
- Transparency and accessibility: the right to information about the system.
- Accountability and governance: the right to understand the current application.