After the first news was announced at the recently-held Consensus event, the World Economic Forum had officially released its “Blockchain Bill of Rights.” It immediately garnered support from leading companies and organizations such as ConsenSys, the Electric Coin Company, the Presidency of Columbia, and Andreessen Horowitz.
Also known as the “Presidio Principles,” this bill of rights has 16 essential points explicitly made for Blockchain networks and other technology-based applications. The list covers areas concerning data protection and security, accessibility, transparency, and interoperability. Furthermore, it aims to enhance the user’s governance and accountability.
Notably, WEF’s Global Blockchain Council had been working on this voluntary project since 2019. The team headed by Elizabeth Rossielo, CEO of AZA Finance, had worked closely with government leaders, Blockchain companies, experts, and other relevant organizations to develop the most plausible principles. As emphasized in media releases, the project’s primary goal is to preserve Blockchain’s core values.
The chief of WEF’s Blockchain and data policy department, Sheila Warren, said that all entities involved in the project agree on one thing –the Blockchain community has to have foundational principles. It’s also worth noting that before the public release of the bill of rights, the team had released a draft version which ran for 25 days on Github. The goal was to acquire public comments and suggestions.
However, the work doesn’t stop with the official release, according to Warren. They would need to issue clear guidelines so as not to confuse varying industries in terms of incorporating the principles. Notably, the task could be tricky, given the massive range of signatories. They need to get enough signatories so that the bill would be accepted universally.
Victor Munoz, a Columbian presidential advisor, said in a press release their reason for signing on. He emphasized that they want to see to it that progress in the Blockchain sector would continue without comprising data privacy and security, and of course, the welfare of its citizens, above all.
Companies and individuals alike can sign, and Warren is hugely thankful for the early supporters. She noted that such companies with excellent reputations in the industry could bring in a wave of new signatories both from the private and public sectors.