World Economic Forum Publishes Blockchain Governance Taxonomy

The World Economic Forum has published a detailed white paper arguing that blockchain stakeholders should organize in a way that would dwarf even the largest consortia.

Released today, "Realizing the Potential of Blockchain" proposes that a new distributed network of "Ecosystems" should emerge to maximize the impact of the distributed ledger technology across three areas: a blockchain platform layer, an application layer and an overall ecosystem layer, where participants analyze legal structures and regulation from a scientific and business perspective.

Released in coordination with the beginning of the World Economic Forum's annual Meeting of the New Champions in Dalian, China, the paper argues for the creation of a network that would include innovators, venture capitalists, financial institutions, academics, government agencies and individuals.

In the preface to the white paper, the head of the World Economic Forum's Center for the Global Agenda, Richard Samans, described the impact such large-scale coordination could play on the impact of blockchain.

The report was submitted by the non-profit Blockchain Research Institute, founded by Don and Alex Tapscott, with feedback provided by the recently launched World Economic Forum Global Future Council on the Future of Blockchain.

Central to the 46-page document is the concept of what its authors call "Stewardship" of the blockchain technology, or the idea that various stakeholders have a responsibility to ensure benefits of the technology accrue to more than just individual projects, but to "Citizens" of the world.

"Governance is critical to accelerate mainstream adoption of blockchain technology, and the work of the World Economic Forum, along with Don and Alex, is a most welcomed."

The parallel network of applications proposed in the WEF paper deals with how various parties interact with the blockchain.

Based largely on comments made by National Center of Scientific Research researcher, Primavera De Filippi, and her co-author of a forthcoming book about blockchain by the Harvard University Press, Cardozo Law School Professor Aaron Wright, the white paper concludes that new methods are needed for governance that substitute software for centralized decision-making.

"We believe people, institutions and industries throughout the world need blockchain technology, and we must do all we can to make it available. Here is a set of actions that will move this technology forward. Our hope
 is that these will prompt discussion and provide positive steps that could be taken."