On May 22, the World Economic Forum, known as WEF for its acronym in English, published a document on the fundamental principles of blockchain technology. It sets out the essential pillars to guarantee the protection and security of users and their rights.
El document published by the World Economic Forum (WEF) is titled Presidio Principles: Foundational Values for a Decentralized Future. It argues, in a clear and precise manner, the fundamental bases for the protection and security of users. Based on principles such as transparency, accessibility and privacy that can be provided thanks to this technology. And they guarantee the protection and safeguarding of all data.
In preparing this document, the World Economic Forum had the support and participation of the Global Blockchain Council, from the San Francisco World Economic Forum, in the United States. In addition to the participation of members of the blockchain and cryptographic community, government representatives and several entrepreneurs in the sector.
Likewise, the WEF made a special call to all those international organizations that use blockchain technology for the development of their applications. To defend and implement the fundamental principles defined in the document. Self-directing the development of their ecosystems towards protecting the security and integrity of users on their networks.
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Presidio Principles: Foundational Values for a Decentralized Future
This document brings together and establishes several of the foundations with which blockchain technology must be implemented. As well as the bases for the construction of a decentralized future.
El Presidio Principles: Foundational Values for a Decentralized Future Its purpose is to clearly and precisely show the use, potential and risks that users can obtain from the implementation of blockchain technology.
Likewise, the document states that the current pandemic experienced worldwide is driving the accelerated adoption of Blockchain technology. Therefore, global baselines must then be established that allow its usability safely for all users and sectors.
«COVID-19 has accelerated the development and use of emerging technology across industries. For blockchain technology to scale to its next foundation, global alignment between the public and private sectors is needed.”
Well-defined principles for a technology that changes the world
Likewise, the World Economic Forum (WEF) expressed that blockchain technology must have the principles of interoperability and governance. That gives users the right to own and manage their own data, and to make their own accountability. In order for them to be fully aware and fully understand the resources they have available.
All this considering that innovation and the development of technology without a line or base foundation. Which could generate undesirable or negative results in users and in organizations that do not operate it correctly. Therefore, through this document, systems and applications that operate under blockchain technology are expected. So that they can guarantee and preserve the rights and safety of their users.
Blockchain technology, a door to decentralization
In 2009, when Bitcoin, the first cryptocurrency created, was launched to the public, the underlying technology that makes the operation of its system as we know it possible was also revealed. The way blockchain technology operates gave Bitcoin unique qualities. Qualities that were not available in any other payment system at that time. However, today, blockchain technology goes far beyond making cryptocurrencies work.
This technology has multiple applications and functionalities that are of great interest and usability in almost all areas and sectors.
For example, thanks to its blockchain system, the blockchain is a technology immutable. That is, once data and information are added to the blocks that make it up, they cannot be changed, modified or deleted. Which guarantees a high degree of security and transparency in financial systems of any kind.
Likewise, blockchain technology is decentralized, so it cannot be influenced by any authority or central entity that controls or manipulates it. Avoiding the possibility that a malicious actor could corrupt the characteristics of a system for their benefit.
Decentralization as the main characteristics of the blockchain
Likewise, thanks to its quality of decentralization, blockchain technology has distributed logs that can be managed by several nodes or computers interconnected with each other. So the risk or vulnerability of attacks or damage to a central server is considerably minimized. With blockchain technology there is no single server, but rather each of the nodes connected to the network will manage an exact and constantly updated copy of the information or data recorded in the blockchain. So there is no risk of losing information if a technical failure occurs in one of the computers.
Another potential that blockchain technology has is its ability to programming and adaptation. So it can be adjusted to the needs and requirements of the users. For example, blockchain can be used to control the inventory of a large company or a school cafeteria.
In addition, through the implementation of the blockchain, financial agreements can be generated much more quickly and safely. This compared to traditional systems. Through this technology a user can transfer the amount of money they want without major difficulties. No matter where you are in the world and just having an Internet connection.
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