Blockchain technology, Artificial Intelligence (AI), and Internet of Things (IoT) are the most sought after and applied technologies of modern times. The three will have a serious impact on the future, economically and technologically. However, regulators across the globe, due to their limited technical understanding, have failed to regulate these sectors sustainably.
To change this, and help the world regulate these sectors, the World Economic Forum has formed separate Policy Councils for Blockchain, AI, and IoT. As per the official press release on May 29, these councils intend to help authorities across the globe to regulate precision medicine, autonomous mobility, blockchain, drones, artificial intelligence, and internet of things.
Boards of these councils constitute of over 200 leaders from diverse backgrounds like academics, civil societies, public and private sectors. The board members are expected to meet multiple times over the next few months to lay down uniform policies and regulations on the concerned sectors. As per the official announcement, the councils met on Wednesday for the first time, at the WEF’s Fourth Industrial Revolution Centre in San Francisco.
Regulations on blockchain technology can soon be replicated in the crypto space. And at a time where almost all major economies, including China, the US, and India, are tightening their grip on cryptocurrencies, it wouldn’t be a surprise if the WEF comes up with a similar council for digital currencies.
Big names in the councils include representatives from Microsoft, Qualcomm, European Commission, Chinese Academy of Medical Sciences, Uber, World Bank, and Dana-Farber.