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Blockchain technology company Bitfury Group together with international law company Covington will launch a new blockchain advocacy group later this month.
The Global Blockchain Business Council (GBBC) was formed to increase awareness of the distributed ledger technology and highlight the latest developments in the sector.
As CNBC reports, the group will provide a forum for cooperation and partnerships in the blockchain sphere and will help businesses interested in the emerging technology to expand and improve their reach and abilities.
“The GBBC will provide a much-needed forum for businesses, innovators and technologists to come together and explore the many opportunities that blockchain technology has to offer,” said Valery Vavilov, Bitfury Group’s CEO, in a press release. “This is a crucial step in the global advancement of blockchain technology.”
The council’s inaugural event will take place at this year’s World Economic Forum in Davos, Switzerland in January and will host representatives from Overstock, EY, and China Mergers and Acquisitions Association. Besides, the attendees will include some of the prominent venture capitalists and blockchain executives from China.
Lack of awareness is still one of the main hurdles to the wider adoption of the technology. According to a Deloitte research conducted last year, of 308 senior executives at major US companies 39% of respondents had little knowledge of blockchain.
“The GBBC seeks to educate business leaders on blockchain technology, support businesses interested in implementing blockchain technology to advance their goals, and provide a forum for businesses and technology experts to collaborate on blockchain-based business solutions,” Jamie Smith, Bitfury Group’s global chief communications and marketing officer and co-chair of the World Economic Forum’s Future Council on Blockchain, told CNBC. “There is a tremendous need for a global body dedicated to educating and connecting relevant parties in the blockchain and business worlds. The GBBC aims to fill that role.”
“Blockchain has the potential to be the next great technological innovation, revolutionizing areas from cross-border payments, trade finance and land registries to government records”, said Sebastian Vos, Co-Chair of Covington’s global public policy and government affairs practice. “Through advocacy and international engagement, Covington looks forward to working with the Global Blockchain Business Council to unlock the potential of Blockchain technology.”
BitFury is the leading blockchain technology company and one of the largest infrastructure providers in the blockchain ecosystem. The company is committed to create distributed ledger applications that will facilitate innovation and developments of the peer-to peer economy.
Last year, BitFury invested in a bitcoin trading platform BitPesa that seeks to provide the pan-African continent unfettered access to the benefits of the global economy. The company’s mission is to to make global transacting easier, especially to countries facing obstacles to financial growth.