Blockchain technology firm Bitfury Group announced that it is launching the first Global Blockchain Business Council (GBBC) in collaboration with Covington, an international law company. The major launch event will take place at the World Economic Forum 2017 Annual Meeting in Davos, Switzerland this January.

GBBC aims to bring global leading business and business leaders together in a move to underline the current innovations and progress in blockchain technology. The council will offer a forum for education and collaborations in the blockchain space, thus serving as a resource center.

“The GBBC will provide a much-needed forum for businesses, innovators and technologists to come together and explore the many opportunities that Blockchain technology has to offer. This is a crucial step in the global advancement of Blockchain technology,” Valery Vavilov, CEO of the Bitfury Group, stated.

GBBC will aid firms by creating awareness of the potentials of blockchain and will engage those businesses that are interested in adopting and promoting this emerging technology to grow and enhance their reach and abilities.

The inaugural event of GBBC will be hosted during the World Economic Forum’s 2017 at Davos and will see cross section of tech-savvy heads of state and business leaders, including Uschi Schreiber, Global Vice Chair of Markets & Chair of Global Accounts Committee for EY; Patrick Byrne, Chief Executive Officer of Overstock; the Honorable Carl Bildt, former Prime Minister of Sweden; the Honorable Toomas Hendrik Ilves, former President of Estonia; among other blockchain experts and venture capitalists.

“Blockchain has the potential to be the next great technological innovation, revolutionizing areas from cross-border payments, trade finance and land registries to government records. Through advocacy and international engagement, Covington looks forward to working with the Global Blockchain Business Council to unlock the potential of Blockchain technology,” Sebastian Vos, Co-Chair of Covington’s global public policy and government affairs practice, stated.