World Economic Forum Managing Director Richard Samans said that the international non-profit organization is not yet ready to lead the Blockchain revolution.

He explained that some of the most senior executives of the group still have much to learn about how Blockchain technology could be used in ways that could benefit the majority members of society.

Samans shares:

"Most of this leader-level community is not very well versed in Blockchain. In fact, they may know the term, but they don't know much about where the technology is right now and how it may be applied in multifaceted ways throughout society."

Preliminary works on Blockchain technology adoption

The WEF’s Blockchain working group released its in-depth report written by Blockchain Research Institute co-founders Don and Alex Tapscott, on how to optimize the effect of the technology to improve the security, trustworthiness, and efficiency of transactions. The report also detailed how governments, private companies, and consortia could collaborate to achieve said goal.

WEF working groups

The WEF has established two major working groups to lead the adoption of new technologies, particularly Blockchain. The first group is the Global Future Council on the Future of Blockchain.

Members of the  said group include R3 chief technology officer Richard Gendal Brown, Hyperledger Executive Director Brian Behlendorf, and Leanne Kemp, CEO of Everledger.

The second group, which was launched in October 2016, is the Fourth Industrial Revolution. Among the partners of the group are Palantir Technologies, Kaiser Permanente, Salesforce, and SAP. The group has been conducting research on such areas as the civilian applications of drones, the distributed ledger technology, as well as new ways to use artificial intelligence.