A think tank has urged G20 members to take control of blockchain technology by building an international, regulatory framework.
The study, by the Centre for International Governance Innovation (Cigi), warns that the risk of failing to put regulation in place will further fragment the global economy. The study goes as far to say that blockchain technology could end up being used for Dark Web deployments.
However, prompt action on building the advised framework would result in minimising the downside risks, while putting the ‘socially beneficial properties’ of the technology to best use. By doing this the report says that a ‘just, prosperous and truly shared global economy’ can be achieved.
Cigi is an independent, non-partisan think tank that is active across different sectors and industries, focusing on global economy, security, politics and international law.
Blockchain is gaining global interest, with many industries seeing clear areas in which the technology could be integrated to revolutionise efficiency and security. Examples of this include the shipping and logistics industry, with recent news of IBM and Maersk working together to implement the technology.
A list of extremely high profile organisations including J.P. Morgan, Microsoft and Accenture have recently formed the Enterprise Ethereum Alliance, with the intention of paving the way toward the widespread uptake of blockchain among large firms.
Also in recent months, a group of seven banks including HSBC have banded together with the ambitious target of putting blockchain technology to use by the end of 2017.
The study says: “The G20 countries should support beneficial private sector blockchain development by promoting the establishment of a global regulatory sandbox for the most promising blockchain use cases. This would allow different technical deployments of blockchains to be tested and refined within an environment that allows innovators to cooperate with national and international regulators.”