‘This Tech Can Solve the Trust Crisis’ says WEF Head of Blockchain Sheila Warren

Sheila Warren, head of Blockchain Technology and Distributed Accounting at the World Economic Forum (WEF), says blockchain could be the solution to the worsening global crisis of confidence. Warren gave his comments in an interview for Cointelegraph on May 31.

During the interview, Warren said that public confidence in governments, banks, media, and institutions, particularly in the United States, is rapidly decreasing. She then said she thinks that the blocker if properly used, might be the answer to this problem:

“This technology could provide access to information that could enable third parties or other groups actually to come in and conduct audits of what is happening. And I think that could build faith back in institutions.”

Warren then explained that he was convinced that the implementation of such verified systems would be stringent but that he would be able to prove the fairness of the public processes and the authenticity of the various media brought many benefits. He also said that, if not resolved, the crisis of confidence he mentioned had far-reaching consequences:

"In my opinion, [erosion of public trust] is one of the biggest crises we face, because you will quickly develop toward anarchy and the problem is deep and deep."

Warren also admitted that the owner of the bitcoin ("BTC") was "almost as a joke," but for a time did not establish a connection between bitcoin and blockchain and only later discovered the blockchain. She noticed:

"It took about three years from the first acquisition of Bitcoin to figure out what this is a blockchain."

Warren also pointed out that six newly-formed WEF panels devoted to the fourth industrial revolution - also dedicated to blockchain technology - should also be a place of trust for leaders around the world who want to experiment and share their experiences. Challenges, their worries, and successes stories that include technology.

Earlier this month, we learned that WEF has partnered with more than 100 global leaders in the supply chain and logistics to standardize applications in the industry.


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