In order to counter the problem, the head of Blockchain and Distributed Ledger Technology (DLT) Sheila Warren has proposed the use of blockchain technology in the World Economic Forum (WEF).
As blockchain technology continues to prove its mettle in various fields, more and more people and industries will implement innovative methods for its applications.
Currently, as various events piled over one another, the globe has noticed a significant decline in the trust that people put on governments, banks, and even media, especially in the United States of America.
She stated that the technology could provide third parties access to projects and other events conducted by the administration and enable them to verify the authenticity of their claims. This will, in turn, increase the trust that people put on such organizations.
She noticed that providing such technology to the public will have certain obstacles and have its own toll on them.
However, she believes that the price being paid for gaining people’s trust is trivial in front of the reward. She believes that if the distrust continues to grow, it will have extremely dire consequences. In her opinion, it was one of the biggest crisis the globe has ever faced.
She also suggested its implementation in the six councils formed by WEF whose sole purpose is to bring about the fourth industrial revolution through the use of blockchain technology.
The council is supposed to allow people across the world to share their challenges and spread their innovations in technological enhancements.
In a recent report, it was noticed that the WEF has collaborated with more than a hundred organizations involved in supply chain and logistics to stabilize the blockchain sector and its applications.