World Economic Forum reveals blockchain predictions for 2020
|- The NGO stated that blockchain projects must build more partnerships to succeed.
- The organization is predicting an increased use of smart contracts in the public sector.
The World Economic Forum has announced its predictions for the blockchain sphere a few days back. The NGO that’s dedicated to “shaping global, regional, and industry agendas” stated that 2019 witnessed a shift from block hype to quality and that in 2020, “there is an opportunity for blockchain to have a social impact.”
The organization is hoping to see “increased experimentation with hybrid blockchain models,” taking place in the financial industry through decentralized finance (DeFi) and “synthetic” central bank digital currencies. It’s predicting an increased use of smart contracts in the public sector.
However, the NGO said that “projects will only succeed if there is adequate governance and a collaborative approach.” It believes that in order to succeed, blockchain projects must build partnerships. The WEF talked about its own consortium that looks at blockchain in the mining and metals sector, “where a collaborative approach would have been hard to imagine even a few years ago.” Technology is instrumental in ensuring that blockchain is “deployed in a way that addresses its limitations.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.