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GBBC And WEF Gearing Towards Survey Of Global Blockchain Standards

The Global Blockchain Business Council, alongside the World Economic Forum, has created a new initiative. This Initiative, dubbed the Global Standards Mapping Initiative (GSMI), is set to learn and better understand the global blockchain standards landscape.

The Initiative stands as a joint effort by these entities with three distinct areas in its attempts to understand, map out, and assess the current digital asset and blockchain landscape. The first area will investigate the industry standards and best practices of a country, the guidance and legislation given out by international or sovereign bodies, as well as the various technical standards of these countries.

Aiming To Harmonize The Blockchain Space

Sofia Arend stands as one of the Global Blockchain Business Council’s senior analysts, and gave comment about the matter at large.  She explained that there is a significant lack of clarity regarding policies, standards, and frameworks, one threatening the tremendous growth that digital assets and blockchain technology have seen lately.

As such, Arend stated that the GSMI was launched by industry leaders who came together, aiming to lay out a foundation to allow greater clarity and harmonization regarding standard-setting. Arend described the GSMI as a living initiative, one set to continue to evolve and be built upon as the Initiative works towards developing global policies, standards, and frameworks.

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Various Global Players Taking Part

Arend described this Initiative as the first comprehensive effort of its kind trying to survey the standards of blockchain technology. According to Arend, this includes various global entities, as well, such as the Digital Currency Initiative, Accenture, ESG Intelligence, MIT Media Labs, Hyperledger, Global digital Finance, ING, The Linux Foundation, the Milken Institute, as well as others.

Providing Resources Free Of Charge

The group had already released a report, one that synthesizes a multitude of key trends and further provides an action-oriented guidance for actors within both the private and public sectors. As it stands now, the GSMI had organized its findings into two separate reports. One of these reports focuses primarily on the technical standards, giving an interactive world map of digital asset and blockchain regulation and guidance across 185 jurisdictions. The other report focuses on the guidance and legislation of these jurisdictions.

Arend made it clear that the reports of the GSMI, alongside its resources, will be publicly accessible, intended to serve as a resource for the blockchain community at large. This comes should the community seek to develop thoughtful standards and frameworks aiming to propel the industry as a whole forward.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.