The World Economic Forum Meta-Council — The Blockchain

Blockchain Technology — the decentralised public ledger behind bitcoin — makes the list of the World Economic Forum Meta-Council on Emerging Technologies, and its Top 10 Emerging Technologies of 2016 — and its with good cause. The report highlights it as an “open, global infrastructure upon which other technologies and applications can be built”. Allowing intermediaries to be bypassed during transactions — lowering costs and is also capable of storing ‘public records and binding promises’ at an institutional level — even across international borders.

The report highlighted mayoral candidate of London, George Galloways suggestion of putting the cities annual budget on a blockchain ledger — an initiative called ‘ The MayorsChain’ — a budget of some $US26.4 Billion, potentially saving 5% of its budget using the technology. Suggesting it could provide 100 percent transparency of all transactions making public participation in budgetary decisions more open, and allowing citizens to track each expense.

A world leading information technology research and advisory company, Gartner, projects the development of the technology and its use in connected homes, to be between 5 and 10 years to become prevalent across multiple industries. Sighting, the technology could create entire new ecosystems via ‘ecosystem-enabling platforms’. For example, startup platform Steemit — a social media platform built on blockchain technology that rewards users for summiting popular content.

The technology isn’t perfect, but is considered to be tamper-proof, leading to a more secure future for both private and public sectors.

The Blockchain is coming.

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