On Friday, August 12th, the World Economic Forum published a 130-page report indicating the blockchain (otherwise known as Distributed Ledger Technology, or DLT) framework could have wide-reaching effects on mainstream financial technology, and the financial industry overall.
Founded in 1971 for promoting global entrepreneurship and cooperation between the public and private sectors, the Geneva-based non-profit World Economic Forum collaborated with American firm Deloitte Consulting LLP in creating the extensive report, which received input from big names in high finance such as MorganStanley, UBS, Deutsche Bank, JPMorganChase, and BlackRock, in addition to many crypto-related groups including Coinbase, BitFury, and Blockchain. The report was also advised by government financial organizations like the US Federal Reserve, the European Central Bank, and the Monetary Authority of Singapore.
Key findings include:
- DLT has the potential to drive simplicity and efficiency by establishing new financial