Blockchain organization Elastos has been boosted by the news that it has been inducted into the Global Innovators Community of the World Economic Forum (WEF). In doing so, Elastos joins an exclusive group of blockchain projects, namely Hedera Hashgraph and Consensys.
The introduction of Elastos signals the WEF’s intent to accelerate blockchain adoption to effect positive global change using emerging technology.
And Then There Were Three
Elastos now joins the duo, where the project will join other innovators looking to engineer solutions to current crises and ward off future challenges that will threaten society in the decades to come. That’s a big ask, but if any team is capable of assisting – on the tech front, if not the humanitarian one – it’s Elastos.
Founded in 2017 as an open source blockchain platform, Elastos has evolved into a network that’s purpose-built for powering the smart web. This means enabling fast data propagation and communication between networked devices, both people and machines.
The project’s architecture includes an Ethereum sidechain, to enable asset transfer from the leading defi ecosystem, which connects to Elastos’ own Delegated Proof-of-Stake blockchain complete with a decentralized ID system for digital assets.
Elastos Hails WEF Induction
“I am thrilled for the Elastos Foundation and for our global community to join the World Economic Forum’s Global Innovators Community,” enthused founder Rong Chen. “Elastos and the WEF share the common purpose of creating an equitable and ethical future for data. As data ethics have been at the heart of my life’s work, it is a pleasure to bring my perspective to an elite group of organizations and governments, which I hope will benefit from the innovative approach to internet architecture that we have at Elastos.”
As a non-profit organization that operates under the principles of a DAO, Elastos may have caught the eye of the WEF on account of its structure as much as its tech. The goals and ethos underpinning Elastos are very much aligned with those of the World Economic Forum, which is a major force when it comes to shaping global business and driving international cooperation. Its Global Innovators Community is populated by some of the world’s smartest startups that are at the forefront of accelerating change within their respective industries.
World Economic Forum Embraces Blockchain
The WEF, headquartered in Switzerland, has already indicated that it is receptive to blockchain and its potential to shape future commerce and international trade. Its own open blockchain platform was created with the support of major enterprises specializing in supply chain, and includes a consortium focused on creating governance mechanisms for digital currencies.
Given its goals of achieving blockchain interoperability and web3 compatibility, Elastos should slot right into the WEF’s vision of an interconnected future in which data is secure, fast, and accessible anywhere in near real-time.
The internet of the future will contain billions of networked devices, from driverless cars to supply chain sensors.
When that vision comes to pass, Elastos and the WEF are well positioned to play a role in accelerating the transition to a world inhabited by people but controlled by devices.