WEF’s web3 solutions for global challenges

Photo of author

By A D

The World Economic Forum aims to make this metaverse platform a space where firms may raise issues from around the globe, create unified solutions and act on them.

The World Economic Form reveals a working model of their purpose-driven metaverse platform, Global Collabration Village, at Davos 2023. Partnering with tech giants Acenture and Microsoft on the web3 project, WEF aims to overcome limitations of the physical world to deliver enhanced connections unified in a single space utilizing communication and collaboration of different resources to bring out innovative solutions. The village is fit for future session, workshops and bilaterals with a virtual town in place. Furthermore, the space is designed to engage the user with the environment in a way they can go beyond just reading about why these problems need attention and experience for themselves how the solutions would work.

From interactive oceans educating about marine life and sea protection measures, to mangroves showcasing cultural history and the importance of coastal ecosystem- the Global Collaboration Village, with the support of global corporations, governments, international organizations, academic institutions and NGOs, has created a space for public and privte entities to share ideas and accelerte progress irrespective of geographical bounds.

two virtual characters interact in the ocean in WEF's metaverse, their latest web3 venture
A look into how the immersive experiences within WEF’S metaverse look. photo credits: weforum

In 2022, the World Economic Forum came up with Crypto Sustainability Coalition, their initiation to highlight real-world use cases of web3 and encourage sustainable practices in the virtual world. The project stresses on utilizing web3 and blockchain technology to improve implementation and efficiency in climate change campaigns, increasing efficiency of policies and investments. They highlight eb3’s coordinated and research driven projects could prove to be vital in innovation and awareness on fighting climate change.

Davos 2023 has had quite some talk around web3. Infact, the WEF has relased a formal paper “Going mainstream: four Web3 developments to watch in 2023,” written by Samantha Weinberg, a WEF project specialist, crypto impact and sustainability accelerator. The body of work states that tokenization, changing policy landscape, rise of decentralized social media and expansion of mainstream use cases will drive transformative technological development.

Blockchain technology set the town abuzz as several blockchain based apps demonstrated use cases or the technology beyong crypto. UNHC highlighted a blockchain payment solution that helped with distribution of humanitarian aid in Ukraine. Solana and Ripple came together to introduce their climate initiative, a blockchain ledger used for credit tracking and carbon emissions.
The much controversial topic of crypto regulatory framework was brought to the table, focusing on how mallicious pratices gravely affect individuals. The views swayed from debating UK’s crypto regulation under their Financial Services and Markets Bill to discussing Asia’s contradictory jurisdiction on the matter.

Leave a Comment