Category Archives: World Economic Forum

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John McAfee: Crypto Frees Employees from “Subtle and Refined Slavery”

The founder of software company McAfee Associates has suggested that blockchain and crypto have given new freedoms to the working community whom he sees as “hired slaves”.

Giving an interview at the recent CoinsBank Blockchain Cruise event, John McAfee claims that blockchain is creating a “permissionless” society, freeing employees from a system of a “subtle and refined slavery”.

McAfee asserts that the current status quo is one which restricts the individual from fulfilling the requirements of enforced regulations at every step, arguing that a largely decentralized society would enable employees to fulfill their potential. He argues, “We live in a system of permission. Every legislation, every law, every regulatory agency, every regulatory body, is designed to control our thoughts or actions or movements.”

He gave the example of cryptocurrency as an illustration of how a new found financial freedom can be utilized by removing middlemen who profit from the established systems put in place by large institutions:

“If you want to send Bitcoin, Ethereum or Monero, who do I have to ask? Only the peer… We are creating a permissionless society… We are not slaves for our jobs, we are not slaves to the government, we are slaves to the entire system.”

McAfee’s views are shared by many and have become the driving force behind cryptocurrency adoption on both an individual, and more gradually, at a governmental level, as more nations begin to review outmoded and restrictive methods of conducting financial services. The adoption of blockchain technology is far-reaching and is beginning to make an impact in all sectors across the globe. A new World Economic Forum (WEF) report indicates that blockchain has the influence to transform the global trade industry:

“Paper-based, manual processes, some created centuries ago, lead to complexity and delays, introduce errors and risks, and stand in the way of reliable, real-time information gathering and tracking required for credible financing decisions.”

Michele Orzan, digital leader of WEF Europe, maintains that it is government services which could benefit the most from blockchain, followed by public and civic leadership. This would have a major impact on solving social issues globally, as can already be seen by numerous projects on the African continent where lives are being changed for the better, through social projects backed by blockchain.

 

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World Economic Forum: Next Decade Could See Blockchain Add $1 Trillion in New Trade

A joint report led by the World Economic Forum (WEF) details how the blockchain industry has the potential to add UDS 1 trillion in new trade to the global market.

Published Thursday, ‘Trade Tech – A New Age for Trade and Supply Chain Finance‘ comes as a collaborative effort from WEF, the supply chain and transport industries, and the System Initiative on Shaping the Future of International Trade and Investment.

The paper provides an overview of trade and supply chain finance, framing the discussion with the presumption that international trade and global value chains are ”critical” in discerning the wealth of nations and easing geopolitical tensions. It continues to highlight the importance of applying ”smart tools and technologies” in order to reduce obstacles preventing small and medium-sized businesses and emerging markets from conducting trade.

One of the solutions the paper provides is a blockchain one; the forward reads “Distributed ledger and other technological innovations promise groundbreaking advances in trade and supply chain finance by reducing costs and ease of use”.

Blockchain has already become a popular method for companies to track the movements of their products, with the decentralized technology being praised for its efficiency and immutable nature.

The report discusses the lengths to which distributed ledger technology (DLT) can help close the trade finance gap of USD 1.5 trillion by bringing in new trade, citing that USD 1.1 trillion of new trade can be established because of the barriers DLT can lift. Some USD 0.9 trillion in ”traditional” trade is expected to move to DLT and utilize the improved, cheaper services.

The paper also acts as a warning for governments not to fall behind on technological innovations, reading: “With some governments already starting to make these moves, the laggards will become increasingly disadvantaged.” It suggests that eventually utilizing DLT is unavoidable.

 

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