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URL: https://www.weforum.org/agenda/2021/04/what-is-blockchain/
Submission: On September 30 via api from FI — Scanned from FI

Form analysis 6 forms found in the DOM

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Text Content

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 * [#IABV2SETTINGS#]
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THIS WEBSITE USES COOKIES

The World Economic Forum uses necessary cookies to make our site work. We would
also like to set optional "marketing" cookies to personalise content and ads and
“performance” cookies to improve the website. 
Consent Selection
Necessary

Preferences

Performance

Marketing

Show details
Necessary 52

Necessary cookies help make a website usable by enabling basic functions like
page navigation and access to secure areas of the website. The website cannot
function properly without these cookies.
 * Dailymotion
   1
   Learn more about this provider
   usprivacyDetects whether the user has checked the Do Not Sell My Personal
   Information-button on the website. This feature is a part of the CCPA.
   Expiry: SessionType: HTTP
 * Google
   1
   Learn more about this provider
   test_cookieUsed to check if the user's browser supports cookies.
   Expiry: 1 dayType: HTTP
 * Kaltura
   1
   Learn more about this provider
   object(quot;#-#-#T#:#:#.#Zquot;)Holds the users timezone.
   Expiry: PersistentType: HTML
 * LinkedIn
   2
   Learn more about this provider
   li_gcStores the user's cookie consent state for the current domain
   Expiry: 180 daysType: HTTP
   bscookieThis cookie is used to identify the visitor through an application.
   This allows the visitor to login to a website through their LinkedIn
   application for example.
   Expiry: 1 yearType: HTTP
 * Loginradius
   5
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   _GRECAPTCHAThis cookie is used to distinguish between humans and bots. This
   is beneficial for the website, in order to make valid reports on the use of
   their website.
   Expiry: 180 daysType: HTTP
   rc::aThis cookie is used to distinguish between humans and bots. This is
   beneficial for the website, in order to make valid reports on the use of
   their website.
   Expiry: PersistentType: HTML
   rc::bThis cookie is used to distinguish between humans and bots.
   Expiry: SessionType: HTML
   rc::cThis cookie is used to distinguish between humans and bots.
   Expiry: SessionType: HTML
   rc::d-15#This cookie is used to distinguish between humans and bots.
   Expiry: PersistentType: HTML
 * NASA
   1
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   cookietestThis cookie is used to determine if the visitor has accepted the
   cookie consent box.
   Expiry: SessionType: HTTP
 * OneTrust
   1
   Learn more about this provider
   OptanonConsentDetermines whether the visitor has accepted the cookie consent
   box. This ensures that the cookie consent box will not be presented again
   upon re-entry.
   Expiry: 1 yearType: HTTP
 * Parse.ly
   1
   Learn more about this provider
   cookies.js_dtestThis cookie determines whether the browser accepts cookies.
   Expiry: SessionType: HTTP
 * VWO
   7
   Learn more about this provider
   t.gifEnsures that product pictures are presented correctly on website.
   Expiry: SessionType: Pixel
   _vwo_uuid_v2 [x5]This cookie is set to make split-tests on the website, which
   optimizes the website's relevance towards the visitor – the cookie can also
   be set to improve the visitor's experience on a website.
   Expiry: 1 yearType: HTTP
   nlsgd#Pending
   Expiry: SessionType: HTTP
 * World Economic Forum
   9
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   tsThis cookie is necessary for the PayPal login-function on the website.
   Expiry: 13 monthsType: HTTP
   v1stPending
   Expiry: 13 monthsType: HTTP
   connect.sidThe cookie is necessary for secure log-in and the detection of any
   spam or abuse of the website.
   Expiry: SessionType: HTTP
   SessionSets a unique ID for the session. This allows the website to obtain
   data on visitor behaviour for statistical purposes.
   Expiry: PersistentType: HTML
   fdisIdentifies the logged in user. A unique session ID is linked to the user
   so that they are identified while navigating the website. The user is logged
   out when the session expires.
   Expiry: SessionType: HTTP
   followTopicUsed to set topic preferences for unauthenticated visitors prior
   to authentication
   Expiry: 1 dayType: HTTP
   redirect_pathUserd to handle internal page redirects
   Expiry: SessionType: HTTP
   refresh_token_prodA token used to refresh a user's authenticated session upon
   access_token expriry
   Expiry: 30 daysType: HTTP
   STICKYUsed to distribute traffic to the website on several servers in order
   to optimise response times.
   Expiry: SessionType: HTTP
 * api2.hcaptcha.com
   1
   __cflbRegisters which server-cluster is serving the visitor. This is used in
   context with load balancing, in order to optimize user experience.
   Expiry: 1 dayType: HTTP
 * assets.weforum.org
   consent.cookiebot.com
   
   9
   CookieConsent [x9]Stores the user's cookie consent state for the current
   domain
   Expiry: 1 yearType: HTTP
 * fonts.net
   livestream.com
   onesignal.com
   vimeo.com
   
   4
   __cf_bm [x4]This cookie is used to distinguish between humans and bots. This
   is beneficial for the website, in order to make valid reports on the use of
   their website.
   Expiry: 1 dayType: HTTP
 * jp.weforum.org
   google.com
   
   2
   CONSENT [x2]Used to detect if the visitor has accepted the marketing category
   in the cookie banner. This cookie is necessary for GDPR-compliance of the
   website.
   Expiry: 2 yearsType: HTTP
 * nr-data.net
   www.linkedin.com
   
   2
   JSESSIONID [x2]Preserves users states across page requests.
   Expiry: SessionType: HTTP
 * resourcewatch.org
   1
   nextauth.messagePreserves users states across page requests.
   Expiry: PersistentType: HTML
 * tag.aticdn.net
   3
   _cookie_test [x3]This cookie determines whether the browser accepts cookies.
   Expiry: 1 dayType: HTTP
 * widget.sndcdn.com
   1
   sc_anonymous_idUsed in context with the 3D-view-function on the website.
   Expiry: 10 yearsType: HTTP

Preferences 29

Preference cookies enable a website to remember information that changes the way
the website behaves or looks, like your preferred language or the region that
you are in.
 * Acast
   1
   Learn more about this provider
   AcastLangThis cookie is used to determine the preferred language of the
   visitor and sets the language accordingly on the website, if possible.
   Expiry: PersistentType: HTML
 * Alibaba.com
   2
   Learn more about this provider
   l [x2]The cookie determines the preferred language and country-setting of the
   visitor - This allows the website to show content most relevant to that
   region and language.
   Expiry: 180 daysType: HTTP
 * LinkedIn
   3
   Learn more about this provider
   langNecessary for maintaining language-settings across subpages on the
   website.
   Expiry: SessionType: HTTP
   lidcRegisters which server-cluster is serving the visitor. This is used in
   context with load balancing, in order to optimize user experience.
   Expiry: 1 dayType: HTTP
   li_alertsUsed to determine when and where certain pop-ups on the website
   should be presented for the user and remember whether the user has closed
   these, to keep them from showing multiple times.
   Expiry: 1 yearType: HTTP
 * OneSignal
   5
   Learn more about this provider
   ONE_SIGNAL_SDK_DB#IdsDetects whether the user should be presented with a
   notification-bar upon entry on the website.
   Expiry: PersistentType: IDB
   ONE_SIGNAL_SDK_DB#NotificationClickedUsed by the website to determine which
   support notifications the user has been shown.
   Expiry: PersistentType: IDB
   ONE_SIGNAL_SDK_DB#NotificationOpenedContains the widget state on whether it
   has been minimized or opened for internal statistics.
   Expiry: PersistentType: IDB
   ONE_SIGNAL_SDK_DB#NotificationReceivedUsed by the website to determine which
   support notifications the user has been shown.
   Expiry: PersistentType: IDB
   ONE_SIGNAL_SDK_DB#SessionsUsed to maintain visitors' preferences throughout
   the visit and sub-pages.
   Expiry: PersistentType: IDB
 * Sli.do
   6
   Learn more about this provider
   app.lastEventUuidCaptures state of last user event on the app too ensure user
   flow states are maintained
   Expiry: PersistentType: HTML
   app.redux.localFeatureFlagsSets locale as per user preference on the browser
   Expiry: PersistentType: HTML
   app.redux.rememberedUserMaintains user state while using Sli.do app on the
   website
   Expiry: PersistentType: HTML
   app.redux.uiApp.isLightnessAutomaticBased on user device, loads light or
   complete app automatically
   Expiry: PersistentType: HTML
   app.redux.uiApp.lightnessBased on user device, loads light or complete app
   automatically
   Expiry: PersistentType: HTML
   app.redux.uiNewQuestions.readQuestionsIdsEnables capture of new questions
   from users
   Expiry: PersistentType: HTML
 * Tableau
   2
   Learn more about this provider
   tableau_localeThe cookie determines the preferred language and
   country-setting of the visitor - This allows the website to show content most
   relevant to that region and language.
   Expiry: SessionType: HTTP
   tableau_public_negotiated_localeUsed in context with the language setting on
   the website. Facilitates the translation into the preferred language of the
   visitor.
   Expiry: SessionType: HTTP
 * Vimeo
   2
   Learn more about this provider
   playerSaves the user's preferences when playing embedded videos from Vimeo.
   Expiry: 1 yearType: HTTP
   sync_activeContains data on visitor's video-content preferences - This allows
   the website to remember parameters such as preferred volume or video quality.
   The service is provided by Vimeo.com.
   Expiry: PersistentType: HTML
 * World Economic Forum
   8
   Learn more about this provider
   i18next.translate.boo [x2]Used in context with the language setting on the
   website. Facilitates the translation into the preferred language of the
   visitor.
   Expiry: PersistentType: HTML
   jwplayerLocalIdUsed to determine the optimal video quality based on the
   visitor's device and network settings.
   Expiry: PersistentType: HTML
   loglevelMaintains settings and outputs when using the Developer Tools Console
   on current session.
   Expiry: PersistentType: HTML
   i18nextLngDetermines the preferred language of the visitor. Allows the
   website to set the preferred language upon the visitor's re-entry.
   Expiry: PersistentType: HTML
   inlined_view_idThis cookie is used in conjunction with the video player. The
   cookie remembers if the user has muted the volume and keeps this setting on
   other video content watched by the visitor.
   Expiry: PersistentType: HTML
   dismissedCtaBannerUsed to determine whether a visitor has dismissed a call to
   action
   Expiry: 1 dayType: HTTP
   dismissedNavPromoUsed to determine whether a visitor has dismissed a call to
   action
   Expiry: 1 dayType: HTTP

Performance 118

Performance cookies help website owners to understand how visitors interact with
websites by collecting and reporting information anonymously.
 * Alibaba.com
   1
   Learn more about this provider
   APLUS_LS_KEYRegisters statistical data on users' behaviour on the website.
   Used for internal analytics by the website operator.
   Expiry: PersistentType: HTML
 * Google
   66
   Learn more about this provider
   __utma [x3]Collects data on the number of times a user has visited the
   website as well as dates for the first and most recent visit. Used by Google
   Analytics.
   Expiry: 2 yearsType: HTTP
   __utmb [x3]Registers a timestamp with the exact time of when the user
   accessed the website. Used by Google Analytics to calculate the duration of a
   website visit.
   Expiry: 1 dayType: HTTP
   __utmc [x3]Registers a timestamp with the exact time of when the user leaves
   the website. Used by Google Analytics to calculate the duration of a website
   visit.
   Expiry: SessionType: HTTP
   __utmv [x3]Saves user-defined tracking parameters for use in Google
   Analytics.
   Expiry: SessionType: HTTP
   __utmz [x3]Collects data on where the user came from, what search engine was
   used, what link was clicked and what search term was used. Used by Google
   Analytics.
   Expiry: 6 monthsType: HTTP
   _ga [x16]Registers a unique ID that is used to generate statistical data on
   how the visitor uses the website.
   Expiry: 2 yearsType: HTTP
   _ga_# [x12]Used by Google Analytics to collect data on the number of times a
   user has visited the website as well as dates for the first and most recent
   visit.
   Expiry: 2 yearsType: HTTP
   _gat [x6]Used by Google Analytics to throttle request rate
   Expiry: 1 dayType: HTTP
   _gid [x12]Registers a unique ID that is used to generate statistical data on
   how the visitor uses the website.
   Expiry: 1 dayType: HTTP
   collectUsed to send data to Google Analytics about the visitor's device and
   behavior. Tracks the visitor across devices and marketing channels.
   Expiry: SessionType: Pixel
   __utmt [x2]Used to throttle the speed of requests to the server.
   Expiry: 1 dayType: HTTP
   __gsasUsed by Google AdSense for experimenting with advertisement efficiency
   across websites using their services.
   Expiry: 1 yearType: HTTP
   tdRegisters statistical data on users' behaviour on the website. Used for
   internal analytics by the website operator.
   Expiry: SessionType: Pixel
 * LinkedIn
   2
   Learn more about this provider
   AnalyticsSyncHistoryUsed in connection with data-synchronization with
   third-party analysis service.
   Expiry: 30 daysType: HTTP
   ln_orRegisters statistical data on users' behaviour on the website. Used for
   internal analytics by the website operator.
   Expiry: 1 dayType: HTTP
 * OECD
   1
   Learn more about this provider
   context_historyPending
   Expiry: SessionType: HTML
 * Parse.ly
   3
   Learn more about this provider
   _parsely_sessionThis cookie is used to collect data on visitor behavior on
   the website.
   Expiry: 1 dayType: HTTP
   _parsely_visitorThis cookie is used to determine if the visitor has visited
   the website before, or if it is a new visitor on the website.
   Expiry: 13 monthsType: HTTP
   parsely_uuidRegisters statistical data on users' behaviour on the website.
   Used for internal analytics by the website operator.
   Expiry: SessionType: HTTP
 * Sli.do
   4
   Learn more about this provider
   _persistenceTest [x2]Pending
   Expiry: 1 yearType: HTTP
   Slido.EventAuthTokens [x2]Pending
   Expiry: 1 yearType: HTTP
 * Taobao.com
   2
   Learn more about this provider
   x5secdataRegisters statistical data on users' behaviour on the website. Used
   for internal analytics by the website operator.
   Expiry: 1 dayType: HTTP
   xlly_sCollects data on visitor interaction with the website's video-content.
   This data is used to make the website's video-content more relevant towards
   the visitor.
   Expiry: 3 daysType: HTTP
 * VWO
   11
   Learn more about this provider
   analyzeThis cookie is used by the website’s operator in context with
   multi-variate testing. This is a tool used to combine or change content on
   the website. This allows the website to find the best variation/edition of
   the site.
   Expiry: SessionType: Pixel
   l.gifThis cookie is used by the website’s operator in context with
   multi-variate testing. This is a tool used to combine or change content on
   the website. This allows the website to find the best variation/edition of
   the site.
   Expiry: SessionType: Pixel
   v.gifThis cookie is set to make split-tests on the website, which optimizes
   the website's relevance towards the visitor – the cookie can also be set to
   improve the visitor's experience on a website.
   Expiry: SessionType: Pixel
   vwoSnThis cookie is set to make split-tests on the website, which optimizes
   the website's relevance towards the visitor – the cookie can also be set to
   improve the visitor's experience on a website.
   Expiry: PersistentType: HTML
   _vis_opt_exp_#_combiUsed by Visual Website Optimizer to ensure that the same
   user interface variant is displayed for each visit, if the user is
   participating in a design experiment.
   Expiry: 100 daysType: HTTP
   _vis_opt_sUsed by Visual Website Optimizer to determine if the visitor is
   participating in a design experiment.
   Expiry: 100 daysType: HTTP
   _vis_opt_test_cookieUsed to check if the user's browser supports cookies.
   Expiry: SessionType: HTTP
   _vwo_dsCollects data on the user's visits to the website, such as the number
   of visits, average time spent on the website and what pages have been loaded
   with the purpose of generating reports for optimising the website content.
   Expiry: 2 monthsType: HTTP
   _vwo_referrerRegisters data on visitors' website-behaviour. This is used for
   internal analysis and website optimization.
   Expiry: SessionType: HTTP
   _vwo_snCollects statistics on the visitor's visits to the website, such as
   the number of visits, average time spent on the website and what pages have
   been read.
   Expiry: 1 dayType: HTTP
   _vwo_uuidUsed by Visual Website Optimizer to ensure that the same user
   interface variant is displayed for each visit, if the user is participating
   in a design experiment.
   Expiry: 10 yearsType: HTTP
 * World Economic Forum
   6
   Learn more about this provider
   __qcaCollects data on the user's visits to the website, such as the number of
   visits, average time spent on the website and what pages have been loaded
   with the purpose of generating reports for optimising the website content.
   Expiry: PersistentType: HTML
   undefinedCollects data on visitor interaction with the website's
   video-content. This data is used to make the website's video-content more
   relevant towards the visitor.
   Expiry: PersistentType: HTML
   dmvkRegisters statistical data on users' behaviour on the website. Used for
   internal analytics by the website operator.
   Expiry: SessionType: HTTP
   createDateContains the expiry date for other cookies.
   Expiry: SessionType: HTML
   __utm.gifGoogle Analytics Tracking Code that logs details about the visitor's
   browser and computer.
   Expiry: SessionType: Pixel
   NRBA_SESSIONCollects data on the user’s navigation and behavior on the
   website. This is used to compile statistical reports and heatmaps for the
   website owner.
   Expiry: PersistentType: HTML
 * embed-cdn.spotifycdn.com
   1
   sentryReplaySessionRegisters data on visitors' website-behaviour. This is
   used for internal analysis and website optimization.
   Expiry: SessionType: HTML
 * livestream.com
   f.vimeocdn.com
   
   2
   vuid [x2]Collects data on visitor interaction with the website's
   video-content. This data is used to make the website's video-content more
   relevant towards the visitor.
   Expiry: 2 yearsType: HTTP
 * static.chartbeat.com
   13
   _cb [x2]Collects data such as visitors' IP address, geographical location and
   website navigation - This information is used for internal optimization and
   statistics for the website's operator.
   Expiry: SessionType: HTTP
   _chartbeat2 [x2]Collects data on the user's visits to the website, such as
   which pages have been read.
   Expiry: SessionType: HTTP
   _chartbeat4 [x5]Collects data on the user's visits to the website, such as
   which pages have been read.
   Expiry: SessionType: HTTP
   _cbCollects data such as visitors' IP address, geographical location and
   website navigation - This information is used for internal optimization and
   statistics for the website's operator.
   Expiry: PersistentType: HTML
   _cb_expiresThis cookie is used in context with HTML local storage, this sets
   an expiry date/time for the _cb tracker, which makes it function like a
   cookie.
   Expiry: PersistentType: HTML
   _cbtCollects data such as visitors' IP address, geographical location and
   website navigation - This information is used for internal optimization and
   statistics for the website's operator.
   Expiry: SessionType: HTTP
   _v__cb_cpCollects data such as visitors' IP address, geographical location
   and website navigation - This information is used for internal optimization
   and statistics for the website's operator.
   Expiry: 1 dayType: HTTP
 * tag.aticdn.net
   2
   atuseridRegisters statistical data on users' behaviour on the website. Used
   for internal analytics by the website operator.
   Expiry: SessionType: HTTP
   pa_userRegisters statistical data on users' behaviour on the website. Used
   for internal analytics by the website operator.
   Expiry: SessionType: HTTP
 * www.weforum.org
   static.chartbeat.com
   
   4
   _cb_svref [x2]Collects data such as visitors' IP address, geographical
   location and website navigation - This information is used for internal
   optimization and statistics for the website's operator.
   Expiry: PersistentType: HTML
   _cb_svref_expires [x2]This cookie is used in context with HTML local storage,
   this sets an expiry date/time for the _cb_sverf, which makes it function like
   a cookie.
   Expiry: PersistentType: HTML

Marketing 96

Marketing cookies are used to track visitors across websites. The intention is
to display ads that are relevant and engaging for the individual user and
thereby more valuable for publishers and third party advertisers.
 * Alibaba.com
   3
   Learn more about this provider
   tfstk [x2]Necessary for the implementation of video-content on the website.
   Expiry: 180 daysType: HTTP
   isgSets a unique ID for the visitor, that allows third party advertisers to
   target the visitor with relevant advertisement. This pairing service is
   provided by third party advertisement hubs, which facilitates real-time
   bidding for advertisers.
   Expiry: 180 daysType: HTTP
 * Baidu
   6
   Learn more about this provider
   Hm_lpvt_#Used to send data to Baidu about the visitor's device and behavior.
   Tracks the visitor across devices and marketing channels.
   Expiry: SessionType: HTML
   Hm_lvt_#Used to send data to Baidu about the visitor's device and behavior.
   Tracks the visitor across devices and marketing channels.
   Expiry: PersistentType: HTML
   HMACCOUNT_BFESSUsed to send data to Baidu about the visitor's device and
   behavior. Tracks the visitor across devices and marketing channels.
   Expiry: 400 daysType: HTTP
   Hm_ck_#Used to send data to Baidu about the visitor's device and behavior.
   Tracks the visitor across devices and marketing channels.
   Expiry: SessionType: HTTP
   Hm_lpvt_#Used to send data to Baidu about the visitor's device and behavior.
   Tracks the visitor across devices and marketing channels.
   Expiry: SessionType: HTTP
   Hm_lvt_#Used to send data to Baidu about the visitor's device and behavior.
   Tracks the visitor across devices and marketing channels.
   Expiry: 1 yearType: HTTP
 * Chartbeat
   1
   Learn more about this provider
   pingCollects data such as visitors' IP address, geographical location and
   website navigation - This information is used for internal optimization and
   statistics for the website's operator.
   Expiry: SessionType: Pixel
 * Dailymotion
   1
   Learn more about this provider
   _TEST_Collects data on visitor interaction with the website's video-content.
   This data is used to make the website's video-content more relevant towards
   the visitor.
   Expiry: SessionType: HTTP
 * Google
   9
   Learn more about this provider
   _gcl_au [x3]Used by Google AdSense for experimenting with advertisement
   efficiency across websites using their services.
   Expiry: 3 monthsType: HTTP
   IDEUsed by Google DoubleClick to register and report the website user's
   actions after viewing or clicking one of the advertiser's ads with the
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Blockchain


WHAT IS BLOCKCHAIN AND WHAT CAN IT DO?

Apr 5, 2021

Blockchain is mostly associated with money and finance, it can be used widely.

Image: Unsplash/Pascal Bernardon

SEAN FLEMING

Senior Writer, Formative Content

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This article is part of: Global Technology Governance Summit
 * Blockchain is a distributed ledger that allows for more transparent and
   verifiable record keeping.
 * Although associated mostly with money and finance, it can be used widely.
 * There are still many barriers to its widespread adoption, including
   confidence and regulation.

Every time you make an electronic payment, whether from your mobile, online, or
with a card, that transaction passes through multiple systems. Each of them
plays a role in processing that payment and forms part of the sequence of checks
and balances that exist between payer and payee.

HAVE YOU READ?

 * 4 PREDICTIONS FOR BLOCKCHAIN IN 2021 – FROM CRYPTOCURRENCIES TO ART

 * USING BLOCKCHAIN TO MONITOR THE COVID-19 VACCINE SUPPLY CHAIN

 * SUPPLY CHAINS CAN BE A CLIMATE GAME-CHANGER. HERE'S WHY

It can be a long, complex and costly chain of connections, with each taking a
small fee from every transaction. Typically, it involves a series of banks or
other large payment processing businesses who keep track of the money on its
journey from A to B. Identities are verified, creditworthiness is established
and sums of money are accurately reconciled between accounts.

Without such processes, how could trusted payments take place? Enter blockchain,
which has the potential to disrupt that process completely. And not just for
payments, but other forms of transaction including the flow of goods and
information around the world.

Blockchain can seem complicated and a little impenetrable, which is ironic as
one of the core tenets of this technology is its openness and transparency.

How does blockchain work?

Blockchain allows consumers and suppliers to connect directly, removing the need
for a third party such as a bank.

There are some fundamentals to understanding blockchain, including the notion of
a distributed ledger. Using cryptography to keep exchanges secure, blockchain
provides a decentralized database, or “digital ledger”, of transactions that
everyone on the network can see. This network is essentially a chain of
computers that must all approve an exchange before it can be verified and
recorded.

Consulting firm Deloitte explains it as follows: “You (a ‘node’) have a file of
transactions on your computer (a ‘ledger’). Two government accountants (let's
call them ‘miners’) have the same file on theirs (so it’s ‘distributed’). As you
make a transaction, your computer sends an email to each accountant to inform
them … the first to check and validate hits REPLY ALL, attaching their logic for
verifying the transaction (‘proof of work’). If the other accountant agrees,
everyone updates their file.”

In theory, it could be completely open on the public internet, or blockchain can
be used within defined networks - there are different configurations for
different use cases. In the latter configuration, the data pertaining to a
transaction will be stored, simultaneously on the dozens, or hundreds, or
thousands of computers within that defined network. That data will update in
close to real time, so that anyone on the network can see everyone else’s
entries.

Instead of having to outsource the idea of being able to trust in a transaction
to banks and other intermediaries, blockchain puts trust out in the open by
making everything visible. And because it is open and distributed, no single
party on the network can exert undue control or influence on the ledger – or
anyone attached to it.

It has a long way to go, though, before it really becomes part of the
mainstream. Concerns around trust and regulatory compliance are among the top
reasons for its slow adoption, according to the data journalism organization,
Statista.


The barriers to blockchain. Image: Statista

More than money and bitcoins

Although cryptocurrencies depend on blockchain and are frequently cited as how
blockchain works, they are far from being its only application.

It can be used to record and track the ownership of a photographic image or a
piece of music or a patent for a new gadget. It can even be used to track the
provenance of food – from farm to plate – and medical supplies, including
vaccines.

IBM describes blockchain as: “A shared, immutable ledger that facilitates the
process of recording transactions and tracking assets in a business network. An
asset can be tangible (a house, car, cash, land) or intangible (intellectual
property, patents, copyrights, branding). Virtually anything of value can be
tracked and traded on a blockchain network, reducing risk and cutting costs for
all involved.”

Through its Food Trust network, IBM is working with businesses from the length
of the food supply chain, including Carrefour, Nestlé and others. On the Food
Network website, Chris Tyas, Global Head of Supply Chain for Nestlé, says:
“People want to know, quite rightly, where ingredients they give to their baby
have come from. We wanted a product in which trust meant something.”

“You are building a halo effect – ‘If I can trust Carrefour with this chicken, I
can also trust Carrefour for their apples or cheese,’” Emmanuel Delerm,
Carrefour’s blockchain project manager, told the news agency Reuters in 2019.



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License and Republishing

World Economic Forum articles may be republished in accordance with the Creative
Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public
License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the
World Economic Forum.

RELATED TOPICS:

BlockchainFinancial and Monetary SystemsSocial ProtectionGTGS2021Global
Technology Governance Summit

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