WEF Releases Report Assessing Global Blockchain Standards

The Global Standards Mapping Initiative is the most "comprehensive" attempt so far to survey blockchain technical standards, the WEF said.

Oct 14, 2020 at 10:00 a.m. UTC
Updated Sep 14, 2021 at 10:09 a.m. UTC

The World Economic Forum has teamed up with the Global Blockchain Business Council, an advocacy group, to assess the current state of blockchain technology.

  • The Global Standards Mapping Initiative (GSMI), released Wednesday, is the most "comprehensive" attempt so far to survey blockchain technical standards, according to the organizations.
  • The GSMI mapped data from over 30 technical standard-setting entities, 185 jurisdictions, and almost 400 industry groups.
  • The report attempts to provide a snapshot of the current blockchain landscape by mapping current technical standardization efforts, identifying gaps and recognizing "next steps" for the industry.
  • The initiative is designed to serve as a resource to move the industry forward by combining industry trends and provide "action-orientated guidance" for the public and private sectors.
  • "The ecosystem is moving forward with designing and building for scale," the report reads. "However, several questions critical to the success or failure of blockchain remain."
  • Those questions relate to issues such as a need for increased education for regulators, fragmentation of approaches across different jurisdictions and premature standardizations.
  • The findings of the report also included concerns regarding terminology and technical design choices for distributed ledger technology (DLT), as well as clarity and guidance for global actors.
  • The initiative also comes in collaboration with notable entities working in blockchain, including MIT Media Lab, Accenture and the Linux Foundation.
  • Other collaborators include Hyperledger, ESG Intelligence, Global Digital Finance, ING Group, Six Digital Exchange, the Milken Institute, among others.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
OCC Chief Hsu: Crypto Industry Has Unhealthy ‘Dependency on Hype’

Michael Hsu, acting head of the U.S. Office of the Comptroller of the Currency, has worked to limit banks’ involvement in cryptocurrencies.

Michael Hsu, acting head of the U.S. Office of the Comptroller of the Currency, has worked to limit banks’ involvement in cryptocurrencies.

CoinDesk - Unknown
2
CoinDesk - Unknown
Coinbase Becomes First Crypto Firm to Enter Fortune 500 List and the Latest from Davos

The most valuable crypto stories for Tuesday, May 24, 2022.

The most valuable crypto stories for Tuesday, May 24, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
How Web 3 Changes Philanthropy

Rhys Lindmark, a "Big Ideas" speaker at CoinDesk's Consensus festival, on how the crypto generation could rewrite the rules of charitable giving.

Rhys Lindmark, a "Big Ideas" speaker at CoinDesk's Consensus festival, on how the crypto generation could rewrite the rules of charitable giving.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Bearish Sentiment

The bitcoin Fear & Greed Index reached its second-lowest record fear level in history. Analysts expect a period of lower returns.

The bitcoin Fear & Greed Index reached its second-lowest record fear level in history. Analysts expect a period of lower returns.

CoinDesk - Unknown