The Organization for Economic Cooperation and Development (OECD), has created a Blockchain Expert Policy Advisory Board (BEPAB) to make it easier for governments and other stakeholders to tap the benefits of distributed ledger technology (DLT). BEPAB is made up of several heavy hitters in the blockchain space, including IBM, R3, and ConsenSys, according to a Ledger Insights report on January 21, 2020.
OECD Form DLT Advisory Group
Blockchain technology, the building blocks of Bitcoin (BTC) and other cryptocurrencies has continued to gain grounds in various sectors of the global economy, including trade finance, supply chain, and logistics, despite its nascent nature.
In a bid to enable governments and other stakeholders to easily integrate DLT into their processes and take advantage of its immutability properties and its other excellent features, without having to bother about the risks associated with the innovative technology, the Organization for Economic Cooperation and Development (OECD) has created a Blockchain Expert Policy Advisory Board (BEPAB).
Per sources close to the matter, BEPAB is made up of about 92 members, including several highly reputed firms in the blockchain industry, like IBM, R3, the creator of the Corda enterprise blockchain platform, and the Ethereum-powered ConsenSys, among others.
BEPAB Unlocking the Potentials of Blockchain
According to a report by the International Data Corporation (IDC), blockchain spending in Europe alone is expected to surge to a massive $4.9 billion by 2023, and the OECD is determined to help organizations to make the most of this revolutionary tech.
Reportedly, BEPAB is part of the OECD’s blockchain exploration initiative, which aims to make it possible for governments and other organizations to reap the benefits of blockchain technology while mitigating its risks.
The OECD has made it clear that the primary objective of BEPAB is to advise entities looking to adopt DLT on best practices.
Commenting on the initiative, Aerdt Houben, Director of Financial Markets at De Nederlandsche Bank and Chairman of the Committee on Financial Markets reiterated that:
“We are collaborating with a vast array of experts and innovators to develop principles to guide governments and industry in pursuit of viable blockchain innovation and adoption.”
Established in 1961, the OECD’s role is to work with its 36 members and 70 non-member governments to promote economic growth, prosperity, and sustainable development.
Against that backdrop, Yoichi Lida, the incoming Chair of the OECD’s Committee on Digital Economy Policy has stated categorically that the organization has a huge role to play in the blockchain ecosystem.
In his words:
“Distributed ledger technologies, particularly in their most permission-less forms, are inherently borderless; making their policy implications a globally common agenda.”