The World Economic Forum (WEF) has proclaimed its Presidio Principles – “Blockchain Bill of Rights” which will help to protect the rights of users in the development of the blockchain applications.

The Bill which outlines ‘User Rights’ has top signatories including the Government of Columbia, Deloitte, Accenture, ConsenSys, Hyperledger, and Electronic Coin Company, Everledger, CoinShares and The United Nation’s World Food Program to name the few.

Before the adoption of the Bill, it had been previewed last week in an online Consensus Distributed Event.

The Bill mainly proposes the following principles:

• Interoperability and Ownership: The Right for Ownership and Management of the Data.
• Transparency and Accessibility: The Right for Information about the system
• Privacy and Security: The Right of Data Protection for the security and privacy of the data.
• Accountability and Governance: The right to know the available recourse in case of fraud. 

Sheila Warren, Head of Blockchain and Data Policy, World Economic Forum said, “The blockchain ecosystem needed a baseline for designing applications that preserves the rights of users.”

She further said that the council realized that many mistakes and missteps could be avoided if a Bill of Rights is introduced to developers, governments, and executives.

Victor Munoz, Columbia’s Presidential Advisor on Economic Affairs and Digital Transformation commented:

“We supported the creation of the Presidio Principles- as well as guidelines and design principled for public institutions - because we wanted to ensure that progress can continue rapidly and responsibly, ensuring that basic characteristics like security and data privacy are secured for our citizens.”

Before the final draft, the Bill was referred to business leaders and various prominent establishments such as blockchain Research Institute, The Ethereum Foundation, prominent academic research institutes like MIT, Imperial College London, and United Nations World Food Program for the feedbacks.

Ethereum co-founder Joe Lubin even appealed several firms to become signatories of the Bill and invited to join the open dialogue about the issue.

Talking to Press he said,” He hopes all builders of Ethereum-based projects and across the blockchain landscape – will sign on to demonstrate their commitment to the users of their systems and applications.”  

Through this fundamental Rights Bill, the World Economic Forum ensures the democratization of the blockchain ecosystem curbing the exploitation of users in the future. The market analysts predict that through an organized framework of this bill, the token economy will progress further collaborating the global players. 

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Jayashree Ingle

CBW - External Analyst

INDIA