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Pandemic Highlights Inefficient Systems: Blockchain Can Help

The Swiss-based non-profit blockchain trade affiliation, the International Blockchain Enterprise Council (GBBC), believes that the crises ensuing from the coronavirus pandemic have highlighted the advantages of distributed ledger know-how (DLT).

In electronic mail correspondence with Cointelegraph, a consultant of the GBBC asserted that DLT can modernize and handle the inefficiencies of the methods that underpin the group of up to date societies.

Coronavirus highlights DLT use-cases

“The present pandemic is highlighting most of the inefficiencies and shortcomings of current methods,” the spokesperson mentioned, emphasizing the failures of many governments in each “making ready and responding to crises.”

“Whereas many of those inefficiencies existed lengthy earlier than the present disaster, the scope of the present pandemic has made addressing these challenges a precedence in lots of nations.”

GBBC to interact lawmakers

With this in thoughts, the GBBC is working to foment dialogue amongst key policymakers and enterprise leaders on how DLT can “handle sure inefficiencies, and in some circumstances basically shift frameworks and methods in hopes of making safer, equitable, and purposeful societies.”

“We consider blockchain know-how isn’t solely the following multi-trillion greenback trade, but in addition a core know-how within the subsequent wave of innovation throughout industries globally.”

The GBBC will commit vital assets to partaking lawmakers over the approaching years.

GBBC launches DLT requirements initiative

Over the shorter time period, the GBBC is partnering with non-profit financial assume tank Milken Institute and blockchain consulting agency Accenture on an initiative to develop international requirements for the DLT sector.

The venture’s main targets are to “map present digital asset and crypto asset requirements to higher consider the place we’re as an trade, and determine key gaps, inconsistencies, and conflicts.” 

“By figuring out and consolidating the patchwork of efforts throughout authorized/regulatory, technical, and trade consortia realms, we’re getting down to chart a path ahead in direction of larger adoption and understanding below a typical set of targets for the trade.”

Final week, the GBBC welcomed digital reality-powered social media platform Sensorium to the council.

As a GBBC member, Sensorium will take part in a variety of GBBC actions aimed toward “advancing adoption of blockchain know-how and educating regulators, policymakers, and enterprise leaders on the advantages of the know-how.”

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