Bitcoin Powerhouse Bitfury Initiates Global Blockchain Business Council in Davos

Bitcoin Powerhouse Bitfury Initiates Global Blockchain Business Council in Davos

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Last week at the World Economic Forum 2017 Annual Meeting in Davos, Switzerland, the technology firm Bitfury announced the formation of the Global Blockchain Business Council (GBBC). The initiative grew from Bitfury’s latest partnership with international law firm Covington. GBBC represents an association of leading businesses and executives from around the world who are paying particular attention to Bitcoin and blockchain solutions.

Also read: Don’t Expect to See Kim Dotcom’s Bitcoin Babies Until Later this Year

Bitfury and Covington Create a Global Blockchain Business Council  

Bitfury Initiates Global Blockchain Business Council in DavosThe newly created GBBC association is aimed at educating the world’s leading companies about the latest advances in blockchain technology. The founding members consist of individuals and businesses involved in technology, banking, government, and academia. The first thirty-three founding members are representatives from twenty-five nation states, such as Australia, Argentina, Barbados, Brazil, Canada, China, Estonia, France, Haiti, Hong Kong, India, Latvia, the Netherlands, and more.

“There is a huge need for a global body dedicated to bringing the blockchain ecosystem together, educating, advocating for its advancement and connecting relevant parties in the blockchain and business worlds,” said Valery Vavilov, CEO of the Bitfury Group. “At the GBBC’s inaugural launch event, some of the most strategic thinkers in the blockchain and business worlds came together to forge partnerships across sectors and understand how this technology can and will change the way we all do business.”

A Global Body for Blockchain and Business Ecosystems

Bitfury Initiates Global Blockchain Business Council in DavosThe Bitfury founder details the company is humbled by the enthusiasm shown during the creation of GBBC. Vavilov believes that global businesses need such organizations to educate and advocate cryptocurrency and blockchain initiatives. Companies which took part in the meeting include Paypal, Bitpesa, Gemini Investment Group, Overstock.com, the MIT Digital Currency Initiative, Hyperledger, and Consensys.

“The GBBC is meant to be a truly global body for the Blockchain and business ecosystems — our founding members will be critical to ensuring we are always presenting a global front and that we stay on the leading edge of Blockchain innovations around the world,” Vavilov stated.

Bitfury Founder Has Acknowledged ‘There is Only One Blockchain’

Bitfury Initiates Global Blockchain Business Council in Davos
“The security provided by the computing power of the Bitcoin blockchain, the property prized most — immutability — is no longer a given.”

Bitfury’s co-founding of the GBBC organization shows the company wants to continue its leadership in the cryptocurrency and distributed ledger space. The company has relentlessly held its leadership position in the Bitcoin and blockchain world since the startup was founded in 2012. Since then investors have injected over $90 million into the company, and the firm has been well known for its custom ASIC silicon chips, printed circuit boards (PCB), servers, and Bitcoin data centers.

The company has also invested in Bitcoin-based startups such as Bitpesa and is in the midst of building a technology center in Georgia. The creation of the GBBC is yet another effort by Bitfury to push cryptocurrency and blockchain-related innovations worldwide. Vavilov recently shared his stance on the Bitcoin network, claiming there is only one blockchain:  

There is one blockchain. It is the bitcoin blockchain. Just as there is one internet. Even so, I encourage financial institutions and corporations to develop blockchain technology and bring it into their infrastructure, as it enables a single shared source of truth, which is a powerful innovation. However, without the security provided by the computing power of the bitcoin blockchain, the property prized most — immutability — is no longer a given and is just one hack away from someone corrupting not just identity information, but real value as well.

– Valery Vavilov, CEO of the Bitfury Group.

What do you think about Bitfury’s creation of the GBBC? Let us know in the comments below.


Images courtesy of Shutterstock, Bitfury and Pixabay.


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  • Harry Wood

    The creation of Global Blockchain Business Council by Valery Vavilov and Covington law firm is very hot news. To me it indicates that we are, in 2017, in an intense time of technological change with the distributed ledger: like the coming of the railways. It’s highly significant that the inauguration took place in Davos, with all the main movers and shakers present. Definitely we need to watch this space and watch GBBC’s impact.