The World Economic Forum (WEF) expected the blockchain industry to have a social impact in 2020, according to the organization’s website.
The WEF predicts to see an actual implementation of hybrid blockchain models in the financial sector through decentralized finance and ‘synthetic’ cryptocurrencies of central banks. It also forecasted the public sector to see increased use of smart contracts.
“Projects will only succeed if there is adequate governance and a collaborative approach,” said the non-profit organization.
The WEF also stated that the blockchain technology must be underpinned by strong policy. “This is “essential” to make sure that blockchain is “deployed in a way that addresses its limitations,” it noted.
The forum has recently launched a consortium that is mainly aimed at exploring the importance of using blockchain technology in the mining and metals sector.
“We are not close to realizing the promise of truly decentralized systems, but the space continues to evolve in exciting new ways, and it’s just a matter of time before something huge gains traction” said the WEF.