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The coronavirus pandemic has highlighted the benefits of blockchain-based systems

May 27, 2020

The Swiss non-profit association of the blockchain industry, Global Blockchain Business Council (GBBC)believes the corona virus pandemic crisis has brought to light the benefits of distributed ledger technology (DLT for its acronym in English).

A GBBC representative told Cointelegraph that DLT is modernizing and Resolve system inefficiencies that support the organization of contemporary societies.

Corona virus has highlighted blockchain use cases

“The current pandemic shows many of the inefficiencies and shortcomings of the systems we have,” said the spokesman. Emphasize the failure of many governments in “Preparation and Response to the Crisis”.

“While many of these inefficiencies existed long before the current crisis, the scale of the pandemic has made addressing these challenges a priority in many countries.”

GBBC engages legislators

The coronavirus pandemic has highlighted the benefits of blockchain-based systemsThe coronavirus pandemic has highlighted the benefits of blockchain-based systems

In this sense GBBC is working to promote dialogue between key policymakers and leaders on how DLT “can eliminate certain inefficiencies and in some cases fundamentally change structures and systems to create safer, fairer and more functional societies”.

“We believe that blockchain technology is not only the next billion dollar industry, but also a core technology for the next wave of innovation in every industry in the world.”

GBBC will provide significant resources involve the legislator for years to come.

GBBC launches standard DLT initiative

Short term GBBC has partnered with the Milken Institute, a group of nonprofit economists and the consulting firm Accenture in an initiative to develop global standards for the DLT industry.

The main goals of the project are “Map current digital assets and its standards to better assess where we are as an industry and to identify significant gaps, inconsistencies and conflicts. “

“By identifying and consolidating the mosaic of legal, regulatory, technical and industrial consortium efforts, we plan to show a way for better acceptance and understanding among the common goals of the sector.”

Last week the board of Sensorium, a social media platform based on virtual reality, joined GBBC

As a member of GBBC, Sensorium will participate in a number of activities that aim to “promote the adoption of blockchain technology and educate regulators, policy makers, and leaders about the benefits of the technology.”