At the Blockchain Summit, the renowned economist Hernando de Soto presented his plan to help citizens title their property, such as land and automobiles, through blockchain. If such systems were introduced worldwide, de Soto predicts they would help bring $20 trillion of what he calls “dead capital” into the world economy and lift millions out of poverty. Already there have been some first steps: in October, the Crown Prince of Dubai announced a project that would see all government documents secured on a blockchain by 2020.
However, realising such a monumental task will not be easy, so it will fall to organisations like the GBBC to bring together the world’s leading businesses and business leaders to highlight the latest innovations and advances in what remains a poorly understood technology, while also serving as a resource centre and providing a forum for education, collaboration and partnerships in the blockchain space.
“We need an authoritative body that will focus on highlighting the latest innovations in blockchain technology and educating businesses on how they can adopt it,” Mercina Tillemann-Dick, executive director of the GBBC, tells bne IntelliNews, adding that this will be the first body in the blockchain ecosystem aimed at achieving such aims. “There is a false perception that blockchain technology is too complicated. The GBBC will help business leaders around the world see for themselves just how easy – and important – it is to use.”
“Blockchain has the potential to be the next great technological innovation, revolutionizing areas from cross-border payments, trade finance and land registries to government records,” says Sebastian Vos, co-chair of Covington’s global public policy and government affairs practice. “Through advocacy and international engagement, Covington looks forward to working with the Global Blockchain Business Council to unlock the potential of Blockchain technology.”
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