World Economic Forum Released “Blockchain Bill of Rights” to Protect the Interests of Users


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