Communities Centre for the Fourth Industrial Revolution Blockchain and Distributed Ledger Technology
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Communities Global Future Councils System Initiatives

Blockchain and Distributed Ledger Technology

The Challenge

Blockchain, a relatively nascent technology that enables the decentralized and secure storage and transfer of information, has already proven itself to be a powerful tracking and transaction tool, which can minimize friction, reduce corruption, increase trust and empower users. Cryptocurrencies built on this distributed ledger platform, despite still being in their infancy, have emerged as potential gateways to new wealth creation and disrupters across financial markets. Other revolutionary use cases are being explored in almost every sector, ranging from energy to shipping and media.

Blockchain has the potential to upend entire systems, but it also faces challenges, including fragmentation of the codebase, security threats, centralization of power and falling prey to overhype. By taking a systemic and inclusive approach to this technology, it is possible to ensure that everyone--from the most marginalized members of society to the most powerful—benefits from blockchain’s transformative potential.

 

The Opportunity

The Blockchain and Distributed Ledger Technology project aims to support the building and testing of policy frameworks to accelerate the societal benefits of, and mitigate the risks from, distributed ledger technology. Governments, the private sector, civil society, academia and other stakeholders will pilot these frameworks and protocols to test theories about impact, iterate based on lessons learned and then scale globally their adoption.