The disruption of supply chains worldwide by coronavirus shows blockchain is needed as a tool of trade, according to the World Economic Forum.
The World Economic Forum has established a global consortium focused on creating a framework for the governance of digital currencies, including government-backed stablecoins pegged to an underlying asset, such as the yen, euro or the U.S. dollar.
The Bank for International Settlements, a consortium of banks based in Basel, Switzerland, polled 66 central banks last year. The results? One fifth of the world's population will use central bank digital currencies by 2023. CBDCs are a new type of digital money. They can be used for interbank settlements or as a type of general purpose “digital cash,” meant as a stand in for regular bank notes.
A new initiative announced Tuesday by the World Economic Forum seeks to use blockchain technology to prevent “greenwashing” by companies that make public promises to improve their environmental credentials.