The World Economic Forum has finally revealed Presidio Principles called the ‘Blockchain Bill of Rights’ on Friday after teasing about it for quite some time.
These new principles, which would focus on forming international partnerships and fostering diplomacy across countries for creating Digital Economy 2.0.
The document found support from 15 signatories until now, which involves the government of Colombia, blockchain firms like ConsenSys, CoinShares, Electric Coin Company, along with the United Nations’ World Food Program.
The Presidio Principles described 16 essential rights of users for blockchain networks and applications. Some of the key principles of the Blockchain bill of rights include:
- User’s right to manage consent of data stored with third-party service providers.
- Porting of data between interoperable networks
- Revoke consent for data collection at any given time in future.
Victor Munoz, the advisor to the President of Columbia on the matters of economy and digital transformation revealed the reason behind their support for the Presidio Principles and said:
“We supported the creation of the Presidio Principles – as well as guidelines and design principles for public institutions – because we wanted to ensure that progress can continue rapidly and responsibly, ensuring that basic characteristics like security and data privacy are secured for our citizens,”
Apart from the few mentioned signatories, many blockchain and crypto firms are advocating for others to join WEF’s open dialogue, one of them being Ethereum co-founder Joe Lubin. Lubin believes this would show the users in the community their commitment to standing for the rights of the users in the decentralized space.
The global blockchain council has been involved in the development of the framework behind the Presidio Principle since last year when it first convened in 2019. The first draft of the Blockchain Bill of Rights was made public on April 10th on Github and was open for public comments and it was available for comments until May 5.
The final version of the bill was released on May 23rd. The next step to ensure its correct implementation would be to issue different guidelines for different industries and how it can be incorporated in their current ecosystem.