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Blockchain News: World Economic Forum Announced (WEF) “The Formation Of Global Fourth Industrial Revolution Council”

The World Economic Forum (WEF) made an announcement for the launch of “six global fourth industrial revolution councils” to fix the trust in the new technologies. In a way, WEF is providing help to the policy-makers and businesses to understand and use the technologies in an accurate way to mitigate the prevailing social risk factors in the societies. The updates are published through the forums website on May 29. 

As per the announcement the initiative is to create the right balance in the revolutionary technological space by timely making the people aware about the right tech policies to reduce the barriers of growth and simultaneously trim down the threats and jeopardy which have come due to lack of education.

Embracing Blockchain and Cryptocurrency Ventures

The announcement notes that the new council would facilitate regulators to standardize the internet of things, blockchain, artificial intelligence, drone, autonomous mobility, and precision medicine. The WEF- International Organization for Public-Private Cooperation

is aiming to fulfill this major responsibility by collaborating with approximate 200 global leaders from the public and private sectors, civil society, and academia. Purportedly, the council members would work together towards the formation of well-defined rules which are important for the development of policy guidance and address the “governance gaps” which are absent from the system. The operation is crucial for the growth and expansion of emerging technologies.

Reportedly, the board members (councils) gathered together on May 29, for the first time at the Forum’s Centre for the Fourth Industrial Revolution Network in the most popular and significant startup destination San Francisco, California, U.S., the place which is rising high by embracing blockchain and cryptocurrency ventures.

The six Global Fourth Industrial Revolution Councils are intending to enable:

“Cross-country exchange of policy and regulatory experience, including through case studies; Identify and take action to address gaps in public policy or corporate governance through multistakeholder cooperation; Shape a common understanding of “best” or “good” policy practice as a means of enabling better policy coordination within and among countries; Provide strategic guidance to the Centre for the Fourth Industrial Revolution Network regarding the governance projects and pilots it undertakes.”

As per the information, during the Forum’s Annual Meeting of the New Champions in Dalian, China the list of members will be made public.