Pandemic Highlights Inefficient Systems: Blockchain Can Help

The Swiss-based non-profit blockchain industry association, the Global Blockchain Business Council (GBBC), believes that the crises resulting from the coronavirus pandemic have highlighted the benefits of distributed ledger technology (DLT).

In email correspondence with Cointelegraph, a representative of the GBBC asserted that DLT can modernize and address the inefficiencies of the systems that underpin the organization of contemporary societies.

Coronavirus highlights DLT use-cases

“The current pandemic is highlighting many of the inefficiencies and shortcomings of existing systems,” the spokesperson said, emphasizing the failures of many governments in both “preparing and responding to crises.”

“While many of these inefficiencies existed long before the current crisis, the scope of the current pandemic has made addressing these challenges a priority in many countries.”

GBBC to engage lawmakers

With this in mind, the GBBC is working to foment dialogue among key policymakers and business leaders on how DLT can “address certain inefficiencies, and in some cases fundamentally shift frameworks and systems in hopes of creating more secure, equitable, and functional societies.”

“We believe blockchain technology is not only the next multi-trillion dollar industry, but also a core technology in the next wave of innovation across industries globally.”

The GBBC will devote significant resources to engaging lawmakers over the coming years.

GBBC launches DLT standards initiative

Over the shorter term, the GBBC is partnering with non-profit economic think tank Milken Institute and blockchain consulting firm Accenture on an initiative to develop global standards for the DLT sector.

The project’s primary objectives are to “map current digital asset and crypto asset standards to better evaluate where we are as an industry, and identify key gaps, inconsistencies, and conflicts.” 

“By identifying and consolidating the patchwork of efforts across legal/regulatory, technical, and industry consortia realms, we are setting out to chart a path forward towards greater adoption and understanding under a common set of goals for the industry.”

Last week, the GBBC welcomed virtual reality-powered social media platform Sensorium to the council.

As a GBBC member, Sensorium will participate in a range of GBBC activities aimed at “advancing adoption of blockchain technology and educating regulators, policymakers, and business leaders on the benefits of the technology.”