Harmonizing Systems: Smart Contracts and Interoperability – WEF Initiative

 

Blockchain and distributed ledger technologies facilitate reliable exchange between unfamiliar parties without the need for traditional third-party intermediaries. One of the most discussed innovations of this technology is the Smart Contract – a computer protocol that leverages cryptography and immutability of on-chain data to enable self-executing, credible, irrevocable and transparent transactions.

While blockchain ecosystems can benefit with relative ease from Smart Contracts, this innovation’s potential to drive efficiency and transparency can only be truly realized at a global scale if Smart Contract systems can communicate easily with non- blockchain systems (Oracles) and establish the same level of trust as the Blockchain systems they are deployed on.

Under the auspices of the WEF Forum’s “Shaping the Future of Technology Governance: Blockchain and Digital Assets Platform the C4IR, in collaboration with a multi-stakeholder community, will co-create a governance framework for the following four workstreams:

– (W1) Establishing an assessment framework for legacy systems to be designated as “Trustworthy Oracle Systems” for Smart Contract integration

– (W2) Legal considerations for Smart Contracts and recommended policy reforms

– (W3) Required policies for Smart Contract deployment in government

– (W4) Framework to recommend the extent of decentralisation required as per use case

Authors:

WEF Shaping the Future of Technology Governance: Blockchain and Digital Assets Platform

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