WEF crypto use cases
Cryptocurrencies,  Technology

WEF report focuses on crypto use cases

The World Economic Forum’s paper seeks to explain how cryptocurrencies are being employed in the real world

The World Economic Forum (WEF) released an overview of cryptocurrency use cases.

meltem demirors
Meltem Demirors (Photo: Twitter)

According to a Dec. 17 announcement, the WEF’s Global Future Council on Cryptocurrencies released a report looking into the practical application of cryptocurrencies and derived technologies. The council’s co-chair, CoinShares Chief Strategy Officer Meltem Demirors explained:

“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.”

The report, “Crypto, What Is It Good For? An Overview of Cryptocurrency Use Cases,” is more or less an overview of 30 cryptocurrencies, and blockchain users and providers, divided up into four categories. It’s aimed more at people interested in learning about cryptocurrencies and blockchain than people knowledgeable about the industry, but is a good resource for new entrants.

The first section looks at the goals and strategies of nine cryptocurrencies, from Bitcoin and Ethereum to Tezos and Zcash.

The second reviews six second layer blockchains, including Lightning, Compound Protocol and Uniswap.

The third is focused on 10 financial product and service providers. These range from Gemini and BitGo to Deutsche Bank and PayPal.

WEF crypto use cases
Sheila Warren heads up the WEF’s blockchain activities (Photo: WEF)

Finally, the WEF reviewed non-financial applications and services using blockchain, including UNICEF and the World Food Programme.

This is not the first time that the WEF weighed in on cryptocurrency-related issues. As Modern Consensus reported in late May, the organization unveiled a “blockchain bill of rights.” It outlines 16 principles that aim to “preserve and protect user rights” in a decentralized future.

WEF head of blockchain, data, and digital assets Sheila Warren explained that the purpose of the council behind the overview report is to help the organization reach a “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.”

More broadly, the WEF see blockchain as one of a half dozen technologies so powerful they are changing the world with a “fourth industrial revolution.”

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Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.