Blockchain Stands Out Against Its Critics in Davos

The Blockchain Makes it Stands Against the Critics in Davos

“The global context has changed dramatically: geostrategic fissures have re-emerged on multiple fronts with wide-ranging political, economic and social consequences. Realpolitik is no longer just a relic of the Cold War. Economic prosperity and social cohesion are not one and the same. The global commons cannot protect or heal itself.”

We are, therefore, in a turning point in our history and the outcome of it is still unknown. We still have some time though to deal with the uncertainty, or at least to try.

That is why yearly meetings like the one that just happened in Davos, hosted by the World Economic Forum, featuring world leaders and main global institutions, are so important. Davos’s main goal is  “to rededicate leaders from all walks of life to developing a shared narrative to improve the state of the world. The programme, initiatives and projects of the meeting are focused on Creating a Shared Future in a Fractured World. By coming together at the start of the year, we can shape the future by joining this unparalleled global effort in co-design, co-creation and collaboration. The programme’s depth and breadth make it a true summit of summits.”

This year’s summit was focused on the gender disparity gap in all areas of society with all major leaders addressing the problem along with the big three issues the world is facing right now: climate change, terrorism and the backlash against globalization.

The World Economy at risk

But yet again, all lights were turned towards the ongoing economic trust. Capitalism itself is experiencing massive changes as it hasn’t fully recovered since the last great crisis of 2008 and maybe is now changing into Post capitalism… With Europe still trying to figure out Britain’s divorce and Europe Central Bank austerity policies, new economic waves have emerged and are challenging the current system.

In this matter, much was said in Davos. Basically, there were two major changes that can shape the future or are about to change it.

To start with, big data and AI are seen as a major disruption within the production stages with a high impact on public opinion. Whether it will be fully implemented this year or in the years to come is still a big question. Some leaders still haven’t figured out how to pay those who are at risk of losing their jobs because of robotics.

On the other hand, what became mainstream last year, Blockchain and their cryptocurrencies, was subject to lots of attention. It seems likely that all countries around the world should have to embrace this new technology as its own nature (open and decentralized) goes along with most people’s will.


Blockchain shows up in Davos

In Davos, a special session was held to address what they called ‘the crypto-asset bubble’. Defenders and critics exposed their arguments in this long running session. In there, “advocates of blockchain cited their support for the technology claiming that it is resilient to censorship, fraud, and provides an immutable record of transactions. No centralized government, bank or corporation can offer the equivalent while they maintain a tight grip on finances and data.”

In fact, crypto has already entered Wall Street with a couple of major exchanges offering futures and even larger trading houses and banks offering to clear them. Energy giants are also looking towards blockchain solutions alongside medical research facilities, security companies, biotech and agricultural industries, social networks, and even some banks. Former Barclays boss, Antony Jenkins, labelled the blockchain effect as profound and went on to tell the FT:

If you can imagine a world in which you did have one global digital currency, imagine what the benefit of that would be, imagine all the friction and the cost that would come out of the system. These things of course might be far in the future, but I don’t think they are very far in the future.”

While cryptocurrencies are uncertain as they challenge central banks and national sovereignty in monetary policies, what all experts are sure of is in how useful the Blockchain back-end technology is.

As it was said in Davos, Blockchain can’t be ignored any longer. It is here to stay.