Within the next five to 10 years, blockchain will fundamentally change the world economy as we know it. It will evolve age-old models of commerce and finance into a distributed, transparent and autonomous system for exchanging value, blockchain expert Bettina Warburg told delegates at a session titled ‘Tech, Blockchain and The Future of Trade’ at the seventh World Government Summit (WGS 2019) in Dubai.

Decentralized technologies like blockchain, AI and the Internet of Things (IoT) will ultimately eliminate the need for centralized institutions like banks or governments to facilitate trade, creating a ‘sea of opportunity’ for countries as trade is tied to distributed digital ledgers instead of traditional institutions, said Warburg.

“Blockchains give us the technological capability to create a record of human exchange, of currency and all kinds of digital and physical assets, in a totally new way. So, in some ways, they become a technological institution that has a lot of the benefits of the traditional institutions we're used to using in society, but in a decentralized way. This is going to usher us into a golden age of supply chain innovation and borderless trade,” said Warburg, co-founder of US-based blockchain consultancy Animal Ventures.

“Now that's a pretty bold statement, but it’s important to remember that while blockchain technology is relatively new, it’s also a continuation of a very human story - as humans, we have always found ways to lower uncertainty about one another so that we can exchange value. Blockchain is helping us lower uncertainty by creating a shared common reality,” she told a capacity audience.

The three-day World Government Summit 2019 runs until February 12 at Madinat Jumeirah in Dubai. The landmark event has convened more than 4,000 participants from 140 countries, including heads of state and governments, as well as top-tier representatives of 30 international organizations.