By Bentley Kapoor (India)
A new initiative has been launched by the World Economic Forum and the Global Blockchain Business Council. Named as the Global Standards Mapping Initiative (GSMI), this initiative is set to learn as well as gain a better understanding of the landscape of global blockchain standards. This initiative has been introduced as a joint effort by these two entities and has highlighted three distinct areas for understanding, mapping out, and assessing the current blockchain and digital asset landscape. The first area will be focused on investigating the best practices and industry standards in a country, the different technical standards that are followed, along with the legislation and guidance that’s given out by sovereign and international bodies.
One of the senior analysts of the Global Blockchain Business Council (GBBC), Sofia Arend also commented about this initiative. She stated that there was a major lack of clarity regarding standards, policies, and frameworks. According to her, this could end up threatening the huge growth that has been lately seen in blockchain technology and the digital assets landscape. Hence, Arend said that industry leaders had come together for launching the GSMI initiative with the purpose of laying down a foundation that would provide greater harmonization and clarity regarding the establishment of standards.
The GSMI was described by Arend as a living initiative, one that would continue to evolve and be changed as the initiative would work towards developing global frameworks, standards, and policies. This initiative was described by Arend as the first comprehensive effort that has been made for surveying the standards relating to blockchain technology. The analyst said that this also included global entities, such as MIT Media Labs, ING, the Milken Institute, Global Digital Finance, the Digital Currency Initiative, Hyperledger, ESG Intelligence, Accenture, The Linux Foundation, along with several others.
Also read:A report had already been released by the group and it synthesizes a number of key trends in the industry. In addition, it also provides guidance for people within the public, as well as the private sectors. All of these findings had been assembled by the GSMI in two separate reports before being shared. One of the reports is primarily focused on the technical standards associated with the industry, which provides an interactive world map of blockchain and digital asset regulation, along with guidance across a total of 185 jurisdictions. As far as the second report is concerned, it is focused on the legislation and guidance of all these jurisdictions.
It was clarified by Sofia Arend that the reports provided by the GSMI, along with all its resources, would be made publicly accessible. After all, they have been intended to serve as a resource and guide for the blockchain community as a whole. This has been done in the expectation of the community to develop thoughtful frameworks and standards that could push forward the industry as a whole. With blockchain technology and digital assets gaining a lot of popularity and facing widespread adoption, this could undoubtedly be helpful for the industry in the long run.
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