Page 22 - Buy Russia - bne IntelliNews monthly magazine April 2017

22 I Companies & Markets bne April 2017
bne:FinTech
Global Blockchain Business Council sets up branch office in Washington
Nicholas Watson in Prague
The rise of blockchain – a public, immutable ledger that was first developed to record bitcoin transac- tions – as a disruptive technology of epic proportions has been swift, so it should come as no surprise that the first global body set up to educate businesses on the latest inno- vations in blockchain technology is also moving quickly.
On March 7, less than two months after its founding by The Bitfury Group, in collaboration with the interna- tional law firm Covington, the Global Blockchain Busi- ness Council (GBBC) announced it would be establish- ing a chapter in Washington, D.C. As an inclusive global body, the GBBC will continue opening branches around the world. At the end of March, the GBBC celebrated the launch of its China chapter at the Annual China Finan- cial Literacy Conference in Beijing and Shanghai.
“During our first year, we plan to create key moments which bring together the business and blockchain ecosystems and facilitate education, engaged dialogue, collaboration and advocacy in this space,” said Mercina Tillemann-Dick, execu- tive director of the GBBC. ”Right now there is a real dearth of actionable, relevant, readable information and a false perception that blockchain technology is too complicated. The GBBC will help business leaders around the world see for themselves just how easy – and important – it is to use.”
At its D.C. opening, the GBBC, whose founding members rep- resent 28 countries, announced its board of directors, which includes: Wei Wang, founding chairman of China Mergers & Acquisitions Association (CMAA); Valery Vavilov, CEO and founder of The Bitfury Group; Tomicah Tillemann, director of the Bretton Woods II initiative at New America; Sandra
Ro, executive director of digitization at CME Group; Yew Kiat Phang, CEO and vice chairman of Credit China FinTech Hold- ings Limited (CCF); Elizabeth Rossiello, CEO and co-founder of BitPesa Ltd; George Kikvadze, vice chairman of The Bitfury Group; Brian Forde, co-founder of the Digital Currency Initiative; and Paula Guedes, CEO and founder of Jobzi.
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“As with any new technology, the role of the business sec-
tor will be key to maximising the potential and benefits of blockchain technology – the task of informing the business community about this transformative new way of doing busi- ness is significant,” said Tomicah Tillemann, director of the Bretton Woods II programme at New America and chairman of the board of the GBBC. “We are so honoured to be joined in this effort by such an exceptional, accomplished and balanced group of partners. We could not have asked for a better team.”
Changing the way we do business
The applications for blockchain technology are manifold and growing. Blockchain technology offers a way for people who do not know or trust each other to transfer nearly any asset using the same process, creating a record of owner- ship that compels the consent of everyone concerned. Given that no central authority or potentially malicious third party
“All but one of the recent large investments have been in startups with a multi-blockchain business model”
can tamper with it, everything from land registries, to stock markets, to financial services could use this technology to limit fraud and corruption, improve efficiency and maxi- mise economic benefits to a broader section of society.
“In the next five to 10 years, it is likely that blockchain tech- nology will fundamentally alter the way we do business: by reducing friction and costs associated with digital transactions, this technology has the power to open up the global economy to billions who are currently excluded – the GBBC will be essential to making these possibilities a reality,” said The Bitfury Group CEO and GBBC board member Valery Vavilov.