The World Economic Forum (WEF) has published its Global Risks Report for 2024, detailing some of the most severe risks the world may face over the next decade, against a backdrop of rapid technological change, economic uncertainty, a warming planet and conflict.

The report explores the global risk landscape in this phase of transition and governance systems being stretched beyond their limit. It analyses the most severe perceived risks to economies and societies over two and 10 years, in the context of these influential forces.

Notably, many of these changes – including a rise in false information and growing economic uncertainty – can be actively addressed through the widespread adoption of blockchain technology.

A rise in false information

The report notes that the disruptive capabilities of manipulated information are rapidly accelerating, as open access to increasingly sophisticated technologies proliferates and trust in information and institutions deteriorates.

‘In the next two years, a wide set of actors will capitalise on the boom in synthetic content, amplifying societal divisions, ideological violence and political repression – ramifications that will persist far beyond the short term,’ the WEF said.

‘No longer requiring a niche skill set, easy-to-use interfaces to large-scale artificial intelligence (AI) models have already enabled an explosion in falsified information and so-called synthetic content, from sophisticated voice cloning to counterfeit websites.’

While the report notes that governments are beginning to roll out new and evolving regulations to target both hosts and creators of online disinformation and illegal content, the speed and effectiveness of regulation are unlikely to match the pace of development, the WEF said.

The BSV blockchain has the potential to play a crucial role in mitigating the spread of misinformation originating from AI-generated content. One of the key challenges in addressing misinformation lies in establishing the authenticity and provenance of the information. The BSV Blockchain, with its secure and transparent nature, can provide a tamper-resistant and immutable ledger that tracks the creation, modification, and distribution of content.

By anchoring AI-generated content on a blockchain, it becomes possible to trace its origin, ensuring that the information has not been manipulated or altered maliciously. This transparency allows users to verify the authenticity of content and builds a trust layer that can act as a deterrent to those attempting to spread false information through AI-generated means.

Furthermore, blockchain can facilitate a secure ‘reputation system’ for AI models and content creators. Each AI-generated piece of content can be associated with a unique identifier on the blockchain, creating a reputation score based on the accuracy and reliability of the information it produces. Users can rely on this reputation system to gauge the trustworthiness of AI-generated content, making informed decisions about the reliability of the information they consume.

By leveraging the BSV blockchain’s inherent security and transparency, we can establish a more trustworthy and accountable environment in the digital space, ultimately curbing the propagation of misinformation from AI-generated sources.

Growing economic uncertainty

The report notes that persistently elevated inflation in many countries and high-interest rates are weighing heavily on economic growth, particularly in export- and manufacturing-led markets.

‘An already visible economic downturn is likely to spread, with a risk that new economic shocks would be unmanageable in such fragility and debt passes the tipping point of sustainability,’ the WEF said.

‘With contrasting views about the future, the risk of miscalibration by central banks, governments and companies will rise accordingly, potentially deepening and prolonging economic risks. Additionally, continued trade conflicts and geo-economic rifts between the United States, European Union and China add to the significant economic uncertainty ahead.’ it said.

The BSV blockchain has the potential to act as a stabilising force in preventing economic downturns by addressing various inefficiencies and vulnerabilities within traditional financial systems. One key aspect is the transparency and immutability offered by blockchain. By recording financial transactions on a decentralised and secure ledger, blockchain ensures that all participants in the economy have access to a real-time, transparent view of financial activities.

This transparency can reduce the likelihood of fraudulent activities and provide regulators with better tools for monitoring and enforcing compliance, contributing to the overall integrity of the financial system. The immutable nature of blockchain records also enhances accountability, making it more difficult for bad actors to manipulate financial data for their gain.

Additionally, the BSV blockchain’s smart contract capabilities can streamline and automate complex financial processes, reducing the risk of errors and fraud associated with manual intervention. Smart contracts execute predefined rules automatically, ensuring that transactions are conducted securely and efficiently. This automation not only increases the speed of financial transactions but also minimises the potential for human error. By incorporating the BSV blockchain in financial operations, such as trade finance, supply chain financing, and cross-border transactions, economies can achieve greater efficiency and resilience, mitigating the impact of external shocks and contributing to the prevention of economic downturns.

BSV blockchain offers stability in a time of instability

As constant upheaval becomes the norm, decades of investment in human development – and human resilience – are slowly being chipped away, potentially leaving even comparatively strong states and individuals vulnerable to rapid shocks from novel and resurgent sources, the WEF said.

‘The impacts of extreme weather may deplete available economic resources to mitigate and adapt to climate change. Increasing vulnerabilities, brought about by resource stress, conflict and increasing polarisation could expose societies and whole economies to crime and corruption. Exponential technology growth may leave the next generation without a clear path to improve human potential, security and wellbeing.’

While this loss of stability is concerning, blockchain has the potential to act as a stabilising force in preventing economic downturns by addressing various inefficiencies and vulnerabilities within traditional financial systems – particularly when it comes to transparency and immutability.

This transparency can reduce the likelihood of fraudulent activities and provide regulators with better tools for monitoring and enforcing compliance, contributing to the overall integrity of the financial system. The immutable nature of blockchain records also enhances accountability, making it more difficult for bad actors to manipulate financial data for their gain.