World Economic Forum Established Global Council to Set Policies for Blockchain, AI, IoT

By Jenny Aurora | June 1, 2019
World Economic Forum Established Global Council to Set Policies for Blockchain, AI, IoT

WEF – The World Economic Forum – has inaugurated 6 “fourth industrial revolution councils”, in an attempt to come up with proper regulations for different technologies, including blockchain.

Reported by Cointelegraph on May 29th, 6 separate councils have been formed to provide support for regulators, as well as businesses, to best engage in and minimize the risks in various technologies, such as artificial intelligence, autonomous mobility, blockchain, drones, internet of things and precision medicine.

The councils – which are consist of more than 200 top experts from the public and private sectors, NGOs and academia – will hold sessions on a regular basis to establish properly defined regulatory guidance for the field as well.

Per the report, all 6 councils will have the first meeting with each other today (May 30th), at the Forum’s Centre for the Fourth Industrial Revolution Network located in San Francisco. The WEF is confident that the entities would be able to come up with solutions for the following matters:

  • Enabling cross-country policy exchange via case studies.
  • Determining suitable actions to tackle gaps in regulations.
  • Forming a general understanding of appropriate policy practice to achieve improved policy coordination among nations.
  • Providing strategic guidance to the Centre for the Fourth Industrial Revolution Network for governmental projects.

Some of the executives of top-tier organizations were appointed co-chairs of the council, including heads of Chinese Academy of Medical Sciences, Dana-Farber, European Commission, Microsoft, Qualcomm, Uber, and the World Bank.

Recently, The WEF has reportedly led the initiative, named “Redesigning Trust with Blockchain in the Supply Chain,” with support from over 20 governments, shippers and supply chains. The main objective of the project is to leverage the interoperability of blockchain applications in said industries, allow for public utilization of blockchain technology via a toolkit, and clear out media overhype attached with blockchain in the past few years.

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