Banking service chronicle

Banking service chronicle

Banking service chronicle Monthly Magazine by bsc academy-subscribe  Published this article page no  32 SCIENCE AND TECHNOLOGY 7.1. BLOCKCHAIN BILL OF RIGHTS Why in news? World Economic Forum Global Blockchain Council launched Presidio Principles the foundational values for a decentralized future which is also called as Blockchain Bill of Rights. About Blockchain Bill of Rights  It aims to establish a global baseline for developers corporates and governments building blockchain applications.  It will help in creating the foundational values for a decentralized future which will help unlock the potential of a technology that is poised to massively transform multiple sectors.  It contains sixteen principles which aim to protect users and preserve the values of the technology so that all can benefit.  16 principles have been set out in four categories. (refer infographics) Need for the principles  Risks to users Blockchains properties as a foundational technology make the considerations on data protection particularly important given the harm and followon effects that can come from potential breaches.  Potential for transformational change can be undermined Those with sophisticated knowledge may have the opportunity to exploit their advantages – whether to intentionally harm consumers or to suppress the market through anticompetitive actions.  Widening existing gaps Despite talk of the potential for financial inclusion if not designed carefully blockchain can lead to the further exclusion and exploitation of vulnerable populations banking service chronicle monthly magazine buy.  

Banking service chronicle