Bitfury and others to jointly establish global blockchain business committee

Crazy Review : Blockchain technology company Bitfury Group and international law firm Covington plan to jointly establish the Global Blockchain Business Council to promote exchanges and technological progress in the blockchain field and enterprises. According to the founding members, this organization is different from blockchain advocacy organizations such as R3 and will make great contributions to the development of this field. According to the plan, the organization will be officially established during the World Economic Forum in Davos this month.

Translation: Annie_Xu

The creation of a new blockchain advocacy organization will bring greater global influence to the blockchain industry.

Blockchain technology company Bitfury Group and international law firm Covington plan to jointly establish the Global Blockchain Business Council (GBBC) to bring together industry leaders to introduce the latest blockchain innovations.

The committee will be formally announced at the World Economic Forum in Davos later this month, with representatives from EY, Overstock and the China Mergers and Acquisitions Association (CMAA) expected to attend.

Valery Vavilov

Bitfury CEO Valery Vavilov said:

"GBBC will provide a long-awaited forum for businesses, innovators and technicians to discuss the potential and applications of blockchain. This is an important step in the development of global blockchain technology."

Blockchain technology has evolved along with the development of Bitcoin. It is like a huge decentralized ledger that can record and store transaction information on a global network, preventing tampering.

The key problem is that many companies and executives are unfamiliar with the technology. Last year, Deloitte surveyed 208 executives of large American companies and found that 39% were unfamiliar with or completely unaware of the technology.

Jamie Smith

Jamie Smith, Bitfury’s global chief communications and marketing officer, said:

"GBBC hopes to train business leaders in blockchain knowledge, support companies that want to adopt blockchain to achieve their goals, and provide a platform for companies and technical experts to jointly explore blockchain solutions."

"There is an urgent need for a global institution to connect blockchain with enterprises and provide training on blockchain knowledge. GBBC hopes to fill this gap."

However, institutions in the blockchain industry that provide services similar to GBBC already exist. R3, a startup founded in 2015, brings together some of the world's largest banking institutions to explore the application of blockchain in the financial industry.

But R3 has run into some problems, with two of the alliance’s founding members, Goldman Sachs and Banco Santander, both pulling out.

“GBBC and R3 are very different and cannot be compared. It’s like apples and oranges. The reason we founded GBBC was because there was a gap in this field.”

“I don’t want to speak for R3, but they are a company that is developing blockchain for specific banking use cases, such as settlement and clearing.”