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Chain Reaction: Blockchain Enters the Mainstream CHAIN REACTION: BLOCKCHAIN ENTERS THE MAINSTREAM THE GBBC 2020 ANNUAL REPORT SUPPORTED BY ACCENTURE SUPPORTED BY: 2020 ANNUAL REPORT The GBBC 2020 Annual Report | gbbcouncil.org 1 FOREWORD TOMICAH TILLEMANN TABLE OF CHAIR, GBBC CONTENTS The 1920s were a time of extraordinary innovation. In the closing weeks of 2019, the GBBC came The commercialization of the automobile, airplane, together with Members of the U.S. House and and assembly line would transform the way citizens Senate in Washington for a remarkable Foreward ............................................................................... 3 and society interacted and engaged in commerce. demonstration day during which visionary leaders Now, a hundred years later, we are poised to from industry showcased how blockchain is Introduction ......................................................................... 4 experience something similar during the 2020s. A solving some of the most urgent challenges host of new technologies, including and perhaps facing humankind. At a moment of crisis for Featured: Accenture .......................................................... 6 especially blockchain, are moving out of the many institutions, blockchain is helping rebuild laboratory and into our lives — but not without a trust, efficiency, and transparency in real-world Financial Services ................................................................ 8 great deal of attendant effort and turmoil. applications that demand attention and respect. Digital Identity ....................................................................18 Just as the breakthroughs of the 1920s eventually At the same time, we have seen concerns about shaped a century of investment in physical the misuse of technology reach unprecedented Government .......................................................................22 infrastructure, from interstate highways to heights. Those fears, while often legitimate in their intercontinental air travel and global manufacturing, origins, threaten to suffocate a generation of new Business Processes & Insurance ..................................24 the standards, principles, and practices that take solutions just as they begin to mature. root during the 2020s could once again guide a Supply Chain ......................................................................28 century of investment in digital infrastructure. More It is because of the uncertainty on the horizon importantly, the systems built on these standards and the importance of the decisions confronting Energy ..................................................................................32 will shape and structure our economies, societies, industry and government that the work of the and governments. GBBC has never been more vital. The Council’s Social Impact ......................................................................34 extraordinary executive team and members are In 2019, the debate surrounding the future of engaging the private and public sectors to create Arts & Media ......................................................................38 blockchain innovation and regulation advanced clarity and common ground at a moment of division rapidly from white papers to the White House and disinformation. The GBBC’s global network of Legal & Regulatory: Jurisdictions...................................42 and touched thousands of organizations and ambassadors, eminent leaders drawn from over 50 companies along the way. Breathless media countries, are building bridges of understanding Legal & Regulatory: Thought Pieces.............................72 coverage of crypto windfalls waned, and a deeper over tides of mistrust. discussion about the digital platforms that will Appendix .............................................................................86 power the next century grew up in its place. This report provides a sampling of that work. The scope and urgency of these efforts will intensify in Conclusion ..........................................................................92 We must approach this debate with equal portions the months and years ahead. We look forward to of humility and responsibility. Humility because the collaborating with you and to deliver a decade of only certainty we have right now is that we don’t transformational breakthroughs during the 2020s. possess all the answers. Responsibility because, If we succeed, together, we can shape the next if nothing else, we are beginning to grasp the century of investment in global digital infrastructure magnitude of the questions ahead. and spread its benefits worldwide. 2 The GBBC 2020 Annual Report | gbbcouncil.org The GBBC 2020 Annual Report | gbbcouncil.org 3 MAIN TAKE AWAY: • Blockchain technology cannot solve all problems The number one question when GBBC meets with but it can shed light in areas where opacity government officials, regulators, and corporate or confusion over information reigns. The executives around the world is: what are the real opportunities are staggering; coupled with use cases in blockchain? This is usually followed other emerging technologies, blockchain has by: who is really implementing it? applications in nearly every industry - from media, to supply chains, to governments, to INTRODUCTION The good news is that there are many examples financial services, to NGOs and nonprofits. from which to draw, as provided in this Annual SANDRA RO | CEO, GBBC Report. There are plenty of skeptics who believe blockchain and crypto are dead or “blockchain Furthermore, the rise of influence and power of good, crypto bad.” Those of us who have been in 2019 — the year of proving blockchain is real and GOVERNMENTS AND BORDERLESS GROUPS social networks and grassroots groups should the space for a long time know these arguments backing that up with real use cases to solve real (E.G. BITCOIN, ETHEREUM, SOCIAL NETWORKS, not be underestimated. We will see more in 2020 well. problems. CONSORTIA) WILL BE KEY STAKEHOLDERS: and beyond, and we are working with those The demand for education and better associations and consortia which share similar In 2020, the bitcoin white paper will be 12 years And what have we learned matters the most in understanding of practical use cases for emerging missions and goals. old, the protocol 11; the underlying components doing business? It is TRUST. technologies, including blockchain, remains very of blockchain technology have been around high from governments around the world. 2020 NEXT STEPS: for decades before that. Blockchain is not an How do we help build and scale the next multi- The GBBC has launched an internal Advisory unproven, theoretical technology, but rather trillion (insert your favorite crypto/digital asset/ The GBBC conducted closed door sessions as well Services subsidiary to meet the demands of one that is already being deployed and is critical fiat currency here) industry to create value and as public open-door forums for discourse and specialized pre-evaluation work with select in today’s modern world to build the trust and opportunities for the future? Trust. showcasing blockchain projects in 35 cities across governments to then launch requests for proposal transparency some parts of society desperately 16 countries and 4 continents, including Bahrain, to GBBC Members. need today. What do we need to bring people and Kazakhstan, The Netherlands, and Japan. governments together in collaboration and help The new service offers additional business With deep gratitude to our many GBBC Members, build sustainable, equitable societies? Trust. EYES ON THE US — BEHIND THE CURVE development opportunities to GBBC Members, as Ambassadors, Observing Members, Sponsors, and BUT STILL AN IMPORTANT DRIVER more and more governments look to implement supporters from around the world, thank you for Blockchain technology can help bring light to The GBBC’s Capitol Hill event in July, bringing city, their own blockchain use cases to improve the dreaming of a better society, daring to be different, places where transparency is needed, where state, and federal government together for the delivery of services to citizens, increase trust and and collaborating with us to show the world trust needs to be rebuilt. If trust is the bedrock first time to encourage blockchain and digital asset transparency, and solve critical problems. humanity can use technology for good. on which humans develop relationships, drive discourse across the US, was met with tremendous innovation, and create opportunities for many, positive feedback. This led to Demo Day on the Hill We remain focused on creating a democratized How do we get there? By sharing, speaking, and then blockchain technology’s clear opportunity set in November, during which some of our members opportunity set for many and will prioritize collaborating with each other. The profound (including the use of tokenization of assets and highlighted their use cases in front of members of delivering education and policy sessions in parts of paradigm shift blockchain enables is to a value) is as the trust enabler. Congress and their staffers. South America, Southeast Asia, India, South Africa, society with fewer zero-sum games and more and the Caribbean, as well as working closely collaboration. So, what did GBBC learn in 2019? The GBBC has not always spent a great deal of with like-minded social networks and borderless time on the Hill, but with increasing requests groups. Together, in 2020 and the decade beyond, we WE NEED SCALING: for education and partnership
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