World Economic Forum Releases Cryptocurrency Report

The World Economic Forum and its cryptocurrency-focused Global Future Council released its inaugural report yesterday to highlight the importance of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The Switzerland-based organization mentioned the key metrics of leading digital currencies including Bitcoin, Ethereum, Ripple, Tezos and Litecoin.

According to the report released on 17 December, cryptocurrencies have the potential to create new markets. Additionally, the World Economic Forum outlined the importance of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology and uses of digital assets beyond cryptocurrencies.

UNICEF CryptoFund, a cryptocurrency-denominated venture fund within the United Nations has made 12 investments totaling 1,225 Ethereum and 1 Bitcoin in startups located in 8 countries worldwide, according to the details mentioned in the report.

The World Economic Forum highlighted the usage of blockchain technology in the World Food Program (WFP). More than 106,000 Syrian Refugees in Jordan received food assistance through blockchain technology. So far, refugees received around $23.5 million worth of entitlements through 1.1 million blockchain transactions with 98% savings on bank fees.

Commenting on the recently released report, Sheila Warren, Head of Blockchain, Data and Digital Assets at the World Economic Forum, said: “The WEF’s network of Global Future Councils helps us stretch our imaginations and harness innovation to shape a more inclusive future. This Council will move us toward greater awareness and understanding of the benefits and risks, of cryptocurrencies, while helping to ensure that the benefits are ultimately made accessible to the entire global economy.”

World Economic Forum’s Crypto Efforts

WEF recently announced its Global Future Council on Cryptocurrencies to evaluate important opportunities and challenges of the digital assets. The Forum appointed Meltem Demirors, Chief Strategy Officer of CoinShares, and Cuy Sheffield, Head of Crypto at Visa as Co-chairs. The report shows that the World Economic Forum is committed to exploring different opportunities within the crypto market.

“Cryptocurrencies have the potential to create new markets and forms of value exchange that can fuel growth in the global economy,” Sheffield commented.

Demirors said, “Many of the conversations you’ll hear about cryptocurrencies, and much of what we aim to do in this council, is actually not about technology. Rather, meaningful analysis of bitcoin and other cryptocurrencies is about imagining what could be possible in the future with this new technology, which creates a new set of social, political and economic tools.”