This year’s World Economic Forum meeting in Davos brought together 3,000 global leaders from 100 governments and 1,000 companies . Politicians, academics, NGOs, and religious and industry leaders meet in the Swiss resort each year to discuss issues of global concern and their potential solutions. As always, there is a theme that shapes the agenda and sessions of the WEF’s week-long meeting and this year’s was ‘Globalization 4.0: shaping a global architecture in the age of the Fourth Industrial Revolution’.
The Fourth Industrial Revolution
So what is this Fourth Industrial Revolution? The first industrial revolution dates back to the 18th century when the development of steam engines, factories, and the mass production transformed Britain’s agrarian society. This was followed by the emergence of electric power, which drove the growth of industries and created new ones. The third revolution of the last century was built on electronics and computer systems. Now, technologies such as artificial intelligence, robotics, gene editing and nanotechnology are combining to interact with the physical, digital and biological aspects of society.
The size, scope and complexity of today’s society is unparalleled. Human society is evolving at an ever-faster rate and has the capability to disrupt every industry. And, like past revolutions, this one has the potential to change global economics, raise income levels and improve equality for all populations. But, also like past revolutions, it can exclude those who can’t afford or gain access to these new technologies, thereby restricting their gain and growth.
As Klaus Schwab, founder and executive chairman of the World Economic Forum said: ‘All of us are responsible for guiding its evolution, in the decisions we make on a daily basis as citizens, consumers, and investors. We should thus grasp the opportunity and power we have to shape the Fourth Industrial Revolution and direct it toward a future that reflects our common objectives and values.’
Blockchains and cryptocurrencies have the potential to create cascading disruption and to bring financial services to the developing world, so the forum was the perfect place to start a dialogue on improving global financial equality.
Cardano Foundation brings Cardano to Davos
In Davos, representatives from Cardano Foundation were able to engage with regulators, heads of industry and blockchain leaders. They participated in events such as Switzerland Global Enterprise’s talk, where opportunities and challenges in the crypto and blockchain space were discussed. As an organization based in Zug, Cardano Foundation was able to contribute to this discussion about the fast-growing blockchain sector in Switzerland and how it is a country that is helping pave the way for a decentralized world.
Cardano Foundation also formed a partnership with Crypto Valley Labs in Davos. CV Labs has incubation programs for blockchain startups, offers a coworking space in Zug and hosts crypto events in Switzerland’s Crypto Valley. At Davos, CV Labs held interviews with industry leaders, panel discussions and networking events to bring blockchain technology to the forefront of WEF attendees.
Cardano and the Fourth Industrial Revolution
Cardano Foundation itself hosted a panel discussion with PeakViews. The five-strong panel included Cardano Foundation’s chairperson, Nathan Kaiser. The topic of Thursday evening’s discussion was: ‘From pit to bit. Gold is old – bit is hip! What will be the future guarantor of financial stability?’. It focused on whether traditional means of value storage such as gold can be replaced by the nascent cryptocurrencies.
In alignment with the WEF’s principle that dialogue is critical and must include a variety of stakeholders, Cardano Foundation and PeakViews selected panelists with different varied backgrounds. This Fourth Industrial Revolution will change the way individuals, governments, and companies relate to each other and the world at large. How the global community responds must be integrated and involve stakeholders from public and private sectors, academia, regulation and governance. The panelists at this event represented the commodity market, commercial banking, law and policy, global governance, and cryptocurrencies.
Read about the discussion and find out about the panelists on the Cardano Forum.