 I'm Nadia Uwet, I'm with the World Economic Forum's Centre for the Fourth Industrial Revolution. I'm based in San Francisco, where our headquarters is, and we also have offices in other countries around the world, and we partner very closely with governments in different regions. The World Economic Forum, just to give you a bit of context, the World Economic Forum is the intersection for public-private cooperation. We've been around for about 50 years, and we work on global systemic issues, where we have a global, impartial platform to bring together global leaders from public and private sectors. So global systemic issues that particularly needs collective action to convene and for parties to come together on that impartial platform. A few years ago, the founder and executive chairman of the World Economic Forum, Professor Klaus Schwab, started talking about the Fourth Industrial Revolution. So the Fourth Industrial Revolution, we talk about those technologies, blockchain distributed literature, artificial intelligence, Internet of Things. He started talking about the fact that these technologies will not only influence industries, but it will fundamentally change what it needs to be human, and the world is not prepared. These technologies, blockchain, is moving very fast. Governments can't keep up with regulations, so there's a big gap in how we govern today these technologies. So with that, we opened the Centre for the Fourth Industrial Revolution, where we focus on these technologies to really help close that governance gap. How do we make sure that blockchain and distributed literature technology is accelerated globally in a way that is inclusive and that you still have responsible deployment? We can't rely on regulation to help govern distributed literature technologies. We need to find new agile ways to together, private sector, leaning in together with the public sector, govern these technologies. Give you a bit of context. So I'm with the blockchain and distributed literature team. I lead a number of projects globally. We tackle a governance blockchain issue. We focus very narrowly and we'll actually go and do deployments. We'll co-design with organizations and governments globally the frameworks that goes with that deployment. And then we will use our global platform to scale the learnings and best practices of those frameworks. To give you one example, in Colombia, we're working with the General Inspector's Office on testing public permissionless Ethereum to deal with corruption, to deal with public RFPs. So what we do is we focus on Colombia. We bring in experts from around the world to then test the technology, develop frameworks, policies, protocols that could help with the successful deployment of that technology in that particular field. And then we make it available. We open source those frameworks globally. So we use that global platform. So I'm going to speak today about enterprise and how we support enterprise development. In a number of the projects that I work in, we're helping to accelerate blockchain and distributed literature deployment in enterprises. So we use our impartial platform to help many industries start blockchain consortiums and then develop the governance around how they can scale those consortiums in the long run. Over the last couple of years, I've worked in many different industries on helping enterprises, on helping industry consortiums. And through that, we've really come to know and understand what are some of the key barriers for enterprise adoption. Now that you have enterprise Ethereum, Ethereum can conquer the enterprise world as well. However, what are those barriers? Nothing new to you. The barriers are collaboration and sharing, right? Being here this week at DEF CON, we can see again that a lot of the technology issues will get solved, performance, scalability. Those things, a lot of people are committed, a lot of smart people are committed to work on that. The issue in enterprise adoption is collaboration and sharing. Today, I will within that share three very specific barriers that we've seen time and time again across all industries that hampers the lay blockchain consortium adoption, all that prevents the full potential of what the technology has to offer. Just a quick, just to level-set, I'll just quickly touch on some basics of blockchain consortia. So in the 2019 Deloitte Global Annual Blockchain Survey, they share that 92% of organizations say that they either belong to a blockchain consortia or they plan to join a blockchain consortia in the next two months. So blockchain consortias in the enterprise world is the most typical way for these competitors and organizations to collaborate. The reasons why they choose the consortia way, they see cost savings, according to the survey. It helps them to accelerate learning. They can share risks, share R&D. So this is a lot how we see these industries within the enterprise world organize themselves to adopt blockchain. We have, so for the first year and a half, we've seen a lot of CEOs focus on proof-of-concept. They were doing blockchain proof-of-concept and they come away seeing value in certain areas. But then many of them realized they actually can't do it alone. They actually need to collaborate with their competitor. So many CEOs, organizations are starting to really realize that. But then that is where things start to get really difficult and that's where we see a lot of the industry is falling over. It's in those competitors coming together. Many of them have never built a system together to then try and build something that's sustainable and scalable. They're really struggling with that. You all know why we need to collaborate with distributed ledger technology. Blockchain is the ultimate network technology. It's the peer-to-peer nature around shared distributed ledgers. You need to collaborate. Again, organizations are starting to realize that. You need to work together on standards. You need to work together for interoperability. A lot of these enterprises we see are doing it because they want to share research and development. They continue doing their own research and development in-house but they also then share costs, joined resources to do further research and development as part of these blockchain consortiums. It also helps them to reduce time to market, gain intelligence and other things. In working with these consortiums and the last few years, what is the world economic forum seen as the three biggest barriers? I'm going to give you three very practical things that we need to work on if we want to see enterprise development. If we want to see the potential truly being unlocked of what this technology has to offer, these are things that need deeper collaboration across all parties. The first one is, again, some of this was not new. I could have told you this maybe a year and a half, two years ago, but actually having lived through it all the way from financial consortiums through to provenance of agriculture, coffee, mining and metals, through to insurance, through to mobility consortiums that we were involved with and that we got very deep insights. These three things come up time and time again. It stalls, hampers, delay, stall, delay and actually many times don't allow the consortium, the enterprise efforts to move forward. So these are things that needs to get worked on. The first one and I'll go through each of them. The first one is ecosystem-wide. The fact that this is distributed network technology, thinking about your return on investment, thinking about value from an enterprise ecosystem level is necessary. The second one, the focus on immediate proof of concept and long-term value, the tension that exists between that and then lastly how to get to fair, inclusive and well-designed governance of that blockchain consortium. Okay, I'll go into the first one. Ecosystem-wide return on investment versus the individual organization. To deploy distributed ledger technology in a way where you're truly going to get the benefit, businesses need to change their mindset. The traditional way of organizations thinking about maximizing profit within their own boundaries does not work within the consortia setup if you want to truly unlock the potential of the technology. Organizations do not know that, they're not familiar with that, it's a big mindset change. So going through these consortia formations, we've observed decisions made in building the technology and setting up the governance that has led to sub-optimal results because each organization are only thinking about their own value drivers, their own return of investment. But if you are building a solution for an ecosystem, if you're building a solution that's distributed, it doesn't make sense, you can't think about your own ROI, you need to think about the ecosystem's value. In the traditional world, these enterprises had to think about three things, they had to think about customer desirability, technical feasibility and the viability, the business viability. With the distributed ledger technology implementation, these organizations also need to understand and strive for ecosystem achievability. So managers need to think beyond company boundaries and think about that ecosystem viability, oh, achievability. If they make decisions based on just thinking of their own value, the solution and the potential and value they can unlock is just not going to be there. The second barrier that we, again, observe, time and time again, this one actually, I was just last week with an industry, can't mention who the industry is, but that actually took more than a year in making a decision on the first proof of concept, a year between, this is a number of competitors, to do a first proof of concept because they had this barrier. When a business led consortia is being formed, you need to read consensus on the long-term vision, the long-term value levers, but also short-term value levers. In an enterprise vault, many of these organizations are, you know, have to report to Wall Street. They need to see quick results. We've seen in many blocking consortia's organizations leave because the results didn't come in quick enough. The thing is there's a tension many times between the value levers in the short run doing this first few proof of concepts and what they sometimes have to achieve long-term. Imagine a few of the organizations in the consortium driving and aiming for the long-term objective, but a few other organizations are just focused on what is the value I can get from this first proof of concept. Many times to reach your long-term objective, you need to pursue proof of concepts at first that a standalone might not make sense because you sometimes have to get initial data sources and then build upon that to reach the eventual long-term goal. Now you have these organizations trying to agree on pursuing that first, second, third proof of concept, what is their pipeline of development looks like, but they can't see I and I because some of them are purely focused on this one standalone proof of concept and what they can show and deliver to their organization who needs short-term quick results versus pursuing the long-term objective. We need to find a way project managers need to have education, they need experience in ecosystem, trust mechanisms, symmetry information, sharing competitive games and so much more in order to actually be able to understand how to best navigate the tensions that exist between these two so you don't delay these enterprise efforts. Another tricky piece with the short-term versus long-term is in the short-term with many business-led consortia they typically opt for a technology like a blockchain technology stack that then serves the purposes of the short-term value lever. However, the technical dependencies that you then need to think of of what is that technology stack needs to look like to achieve the long-term results many times that is not then considered in the beginning because many of those organizations are so focused just on the short-term lever. So there's also the technical complexities of choosing your blockchain technology stack that can cater for both and that brings me then to the last barrier that we see hamper enterprise adoption with inconsortiums and that goes back to governance. Again, it's not the technical pieces that's difficult. You have competitors who have never worked together many of them have never sat in the same room now building a system together having to decide about who owns the system, who pays for it, who's liable, who gets to see what data. These are difficult things. These traditional these enterprises have been involved in consortiums before but blockchain there's a lot of unique aspects here that is very new. Actually a lot of the issues around governance that the open software open source software have been looking into a lot of it applies here as well. So within the distributed ledger consortia world it will serve them well to go and look at some of these open source software governance and how they've mitigated and navigated through this challenge. A particular piece that the world economic forum is very concerned with here is small and medium-sized enterprises. We see within all these industries and as they come together as blockchain consortia those who can afford consultants and who can afford big legal teams are the ones that ends up having a lot of leverage when it comes down to governance decisions. So while blockchain governance is very new, while we are all still learning, while going through lessons, while we are still embedding best practices and designing policies around helping consortiums to succeed and conclude on governance that's scalable, sustainable and inclusive the small medium-sized enterprises has a real risk here of being left out and if you do actually do look at value change and ecosystems of many consortias a lot of the volume and value still comes from that small and medium-sized enterprises. So how to make sure you set up well-designed governments and how do you make sure that the way that value is allocated who captures the value is fair and something that's sustainable long-term. So these three things are what we see there's a real urgent need for everybody, technologists, economists, consultants, public sector, private sector to lean in and work on helping to solve these issues it's today these three things are hampering the ability of enterprises to adopt and drive forward the acceleration of blockchain we need to work on this and just to end I find this kind of powerful why would we want me to get collaboration right the power of getting collaboration right I don't know if any of you remember the God Moog campaign this is a campaign in the 80s the Moog industry was really suffering and then they collaborated competitors set up ways to collaborate through this campaign they completely changed the way the world I mean I'm from South Africa at the time that the the ways we were feeling from this campaign was felt all the way down in South Africa the way that Moog is perceived the way that it was regulators school health everybody was looking around the value of Moog at the time it's completely changed through collaboration of these organizations and for me that again just shows that in the power of collaboration to get this right for us to really accelerate this and unlock the potential of the distributed piece of of this technology we need to to get and help project managers and organizations navigate through these challenges so with that I have I'm also pretty much out of time so that's my contact details if any of you have any more questions around the consortia work that we do across different industries across different enterprises or you want to help in this effort we are looking to design frameworks to help with what constitutes fair inclusive and well-designed governance and will continue to be quite active in the space for for the coming years and then I believe there's a QR code if any of you needed that thank you very much for your time