Justin Sun Looks to Revamp Global Economy Using Blockchain
Coinspeaker
Justin Sun Looks to Revamp Global Economy Using Blockchain
Tron ecosystem founder, H.E. Justin Sun who currently doubles as the World Trade Organization (WTO) Ambassador for Grenada, is looking to curb the flaws inherent in the global economy with advanced digital transformation through blockchain technology.
Sun made these plans known at the Twelfth Ministerial Conference (MC12) of the WTO where he brought to the fore challenges that need to be addressed in critical areas bordering Small Island Developing States (SIDs), e-commerce, oceans, and climate change respectively.
Highlighting the primary challenges of Grenada which currently has a heavy dependence on a broad-based trading system, Sun believes a direct transformation of the trading ecosystem through fool-proof technologies may serve as a starting toward solving most of the challenges Grenada is facing.
“Grenada is heavily dependent on a very predictable, transparent, and efficient MTS (multilateral trading system),” Sun said at the conference, reiterating the fact that he is “working closely with WTO’s program on e-commerce in support of digitizing the economy.”
Sun’s efforts to achieve this global digitization are not yet revealed, indications point to the fact that there may be a little bit of reliance on his expertise in blockchain development. This expertise of his has projected the Tron blockchain he founded back in 2017 as one of the most versatile decentralized application supporting protocols in the crypto ecosystem.
As Grenada’s Ambassador, Sun plans to utilize his expertise in blockchain technology to digitize Grenada’s trade, investment, and governance procedures according to the government of Grenada’s objective.
Justin Sun in the WTO Transformation Scheme
While welcoming tens of Ministers at the 12th conference, the World Trade Organization under the leadership of Okonjo Iweala, covered a wider range of topics including the aftermath of the Coronavirus pandemic, current economic upheavals, food security, environmental protection, and IP protection for vaccines.
Grenada is notably impacted by all of the major talking points raised at MC12 and in a bid to boost the global ecommerce as envisaged by Sun, the proposed moratorium on customs and trade facilitation if implemented will benefit his agenda in no small measure.
Amongst the broader decisions taken at the MC12 includes the Work Program on Small Economies and the TRIPS non-violation and situation complaints, as well as a Sanitary and Phytosanitary Declaration for the Twelfth WTO Ministerial Conference on Responding to Modern SPS Challenges.
Besides the core deliberations and contributions by members of the Organization of Eastern Caribbean States (OECS) which includes St Lucia, Antigua, and Barbuda, and the Dominican Republic amongst others, external partners also participated in the discussions. These partners include the International Trade Center, Commonwealth Secretariat, Organization of African, Caribbean, and the Pacific States, and United Nations Industrial Development Organization.
With a purposeful representation, Grenada is undoubtedly set to benefit quite a lot from the role of Justin Sun as its Ambassador to the WTO.