World Economic Forum (WEF) launched the Presidio Principles for blockchain

On May 23,  the World Economic Forum (WEF) launched the Presidio Principles for blockchain, which aims to help in protecting user rights in the development of blockchain applications. The set of values that has already been adopted by organizations such as Accenture, Deloitte, Hyperledger, ConsenSys and Everledger, was previewed last week during the online Consensus Distributed Event.

According to the WEF, users’ rights in this context can be categorized under four distinct categories: transparency and accessibility, privacy and security, agency and interoperability, and accountability and governance.

The principles are divided into four groups:

  1. Transparency & Accessibility: the right to information about the system
  2. Agency & Interoperability: The right for participants to own and manage their data
  3. Privacy & Security: The right to data protection
  4. Accountability & Governance: The right for participants to understand available recourse.

“We are exploring ways for our community of developers to not just read and sign onto the principles – but look for ways to meaningfully integrate them into their processes,” said Hyperledger Director, Brian Behlendorf.

Sheila Warren, Head of Blockchain and Data Policy, said that the non-profit organization realized the need to establish a global baseline for building blockchain applications that respect participants’ rights while adding: 

“During our council meeting, we realized we could help curb many of the mistakes and missteps seen so far if we were able to provide developers, governments, and executives with a ‘Bill of Rights’ style document.”

Ethereum co-founder Joe Lubin encouraged crypto startups to become signatories and join the WEF’s open dialogue. In a press statement, he said he hopes “all builders of Ethereum-based projects – and across the blockchain landscape – will sign on to demonstrate their commitment to the users of their systems and applications.”

Indeed, Aya Miyaguchi of the Ethereum Foundation was involved. Greg Medcraft of the Organisation for Economic Co-operation and Development (OECD) and Delia Ferreira Rubio of Transparency International also contributed to the project.

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