New Delhi 08th September 2023: G20 Summit 2023 is scheduled to start later this week from 09th September 2023 at New Delhi where PM of India, President of US, PM of UK, the President of France, PM of Canada, PM of Australia, PM of Japan, and heads of other G20 countries are scheduled to meet under G20 chairmanship of India.
While there are some prior circulated and discussed agenda, in which many Tech. areas like digital public infrastructure, cryptocurrency regulations, cybersecurity standards, and data privacy are likely to get addressed beyond the G20 2022 Summit declaration at Bali last year, however, 5JR (5 Jewels Research) Analyst sees the evolution of DEEP-SEA (Digital Enablement & Enhancement Platform for Supplychains, Economy to Assets) kind of Tech. Framework at G20 Summit 2023 and beyond for member countries which represents over 80% of the World’s GDP.
As per 5JR Analyst, recent events like COVID-19, War, and Trade restrictions have led to broken supply chains and deeply impacted the economy even among G20 countries, which further led to underperforming and compromised assets, both digital (e.g. High-Tech. systems) and physical (e.g. plants, factories) assets of the member countries. Even there exists deep political and economical differences and misalignments among some of the G20 member countries like trade conflicts between US and China, and political differences between US and Russia due to ongoing Russia – Ukraine war. 5JR Analyst believes that, if the upcoming G20 Summit at New Delhi able to melt some ice between G20 countries, particularly key member countries who are engaged under some conflicts, then there exists an urgent need to evolve an integrated digital platform for technologically enabling and enhancing fragmented supply chains among G20 member countries. Such, the digital platform of G20 countries also be able to integrate, digitally enable, & enhance the economy, trade, and finance of member countries on one platform. Further, such integrated digital platform is also a need of hour to protect G20 member countries’ assets (both physical and virtual assets) from physical as well as cyber-attacks and targeting its performance enhancements through assets/resources sharing, collaborations, and utilization.
Giving his analyst perspective on G20 Summit 2023, Chief Analyst of ‘5Jewels Research’ Mr. Sumant Parimal said “While the G20 annual summit is for periodic alignment of G20 member countries vision and goals, but evolving a DEEP-SEA (Digital Enablement & Enhancement Platform for Supplychains, Economy to Assets) kind of Tech. Framework for G20 countries shall be going to give continual operational synergies and economic benefits to the member countries, in line with this year’s G20 India Summit theme Vasudhaiva Kutumbakam—One Earth, One Family, One Future. Such an integrated digital platform shall enable a resilient and reliable supply chain among member countries, as G20 countries accounts for 75% of the Global trade. Once G20 country’s supply chains gets integrated and streamlined, it transforms into great economic benefits and ensures sustainable development of the World. Further, such integrated digital platform bring ease of movement of cross-border trades, finance, technology-knowledge, skills, labor, and resources among member countries adding tremendous economic benefits. While few member countries are facing financial and other resource constraints as they are still developing, there exist member countries who are already developed with deep financing and technological power to assist G20 developing countries through such integrated digital platform”.
“While some virtual assets like Cryptocurrency are under the agenda, but its time to bring all kind of virtual/digital assets and critical physical assets under the agenda of G20 Summit 2023. While some countries remain banning and restricting Cryptocurrencies, but G20 member countries need to see that many other virtual and digital assets like NFTs, Metaverse assets, and physical assets tokenization mechanisms need to be promoted to expand scope of digital economy and digital finance. G20 member countries should use DEEP-SEA Tech. Framework for cross-border usages & regulation of virtual assets and tokenization of key physical assets for creating shared ownerships and investments for developing key capital-intensive assets, particularly in developing countries, where assets tokenization needs to be seen as alternative finance for creating required infrastructure. It is also important to evolve and implement Quantum computing-grade Cybersecurity for virtual as well as physical assets of the member countries. DEEP-SEA Tech. The framework shall be useful for sharing cybersecurity-related risks and intelligence among G20 countries, which would help in limiting financial, information as well as trust loss among member countries” Sumant Parimal said further.
Point to be noted here is that few G20 countries have banned/restricted Crypto assets completely, while few member countries are very open towards integrating Crypto assets – Cryptocurrencies in their formal economy. Such a wide divergent approach towards Crypto assets among G20 member countries need to be addressed through some frameworks like DEEP-SEA Tech. Framework as per 5JR Analyst view.
