Sheila Warren, Head of Blockchain and Distributed Ledger Technology at the World Economic Forum (WEF), stated that global trust issues can be resolved by blockchain technology.

“This technology could provide access to information that could enable third parties or other groups to actually come in and conduct audits of what is happening. And I actually think that could build faith back in institutions.” Warren stated in an interview with Cointelegraph.

She also noted that blockchain technology, if used correctly, would make an impact on different targets such as governments, banks, media, and institutions, which she called “rapidly eroding.”

“In my opinion that [erosion of public trust] is one of the biggest crises we face. Because you’re going to rapidly move towards anarchy and that is a deep, deep problem.”

Warren also noted that she had owned Bitcoin 3 years ago. However, she did not make any connection between crypto and blockchain. She admitted that not recently had she realized the importance of blockchain technology.

“It took about another three years from when we first bought bitcoin for me to understand what blockchain was,” Warren said.

Earlier, WEF has reportedly inaugurated 6 “fourth industrial revolution councils”, in an attempt to come up with proper regulations for different technologies, including blockchain.

Moreover, the blockchain deployment movement has recently seen major involvement from the WEF in collaboration with over 100 supply chain and logistics leading companies and individuals, reported by The Crypto Sight on May 7.