World Economic Forum Examines How Blockchain Can Reshape Financial Services
Thursday, August 18, 2016
On August 11, 2016, the World Economic Forum (WEF) released a 300-page report entitled The future of financial infrastructure: An ambitious look at how blockchain can reshape financial services , exploring how the financial sector “could overcome current-state pain points through distributed ledger technology (DLT).”
The WEF has been one of the most vociferous advocates for the potential of the blockchain technology. Bitcoin Magazine reported that in 2015 the WEF predicted that blockchain technology was one of the 21 changes in technological transformations and that the tipping point for its adoption would be in 2025.
A year later, World Economic Forum repeated that “virtual currencies and their underlying technologies can provide faster and cheaper financial services and can become a powerful tool for deepening financial inclusion in the developing world.”
In this latest report, the WEF concluded that blockchain technology could have impressive ramifications but would need the collaboration of government and technological experts to succeed. t took a year for the World Economic Forum (WEF) to research how blockchain technology could help nine financial sectors, which included global payment and foreign trading.