The WEF has launched a new initiative to study blockchain and cryptocurrency state by examining current regulations, technical standards and best practices in the industry.
The World Economic Forum (WEF) has partnered with the Global Blockchain Business Council (GBBC) to launch a new initiative aimed at assessing the status of blockchain and cryptocurrencies.
This is known as the Global Standards Mapping Initiative (GSMI). It will define the industry context by looking at a number of specific areas.
WEF launches GSMI to check blockchain status
According to the announcement earlier today, GSMI is the brainchild of WEF and GBBC. Other notable partners include Accenture, Digital Currency Initiative, MIT Media Lab, Global Digital Finance, Hyperledger, ING, The Linux Foundation and "other global organizations".
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The main purpose of the initiative is to "map and evaluate the current state of blockchain and digital assets" by exploring three disciplines. These include applicable technical standards, laws and guidelines issued by government and international agencies, as well as industry standards and best practices.
GSMI catalogs outputs from more than 30 technical organizations, 185 jurisdictions and close to 400 industry groups. By assessing the context, the team synthesizes key trends and provides "action-oriented guidance for the public and private sectors".
Organizations want to keep the entire process as transparent as possible by giving anyone full access to reports and resources. Their aim is to "serve as a resource for the blockchain community and more as we aim to develop frameworks and standards to drive the growth of the industry".
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GBBC CEO Sandra Ro highlighted the rapid growth over the past years of the blockchain and cryptocurrency industry. Therefore, she believes that the field requires a more comprehensive tool to keep track of developments in different fields.
Head of Blockchain at the World Economic Forum, Sheila Warren commented:
There is already a signal of great demand for standards-related activities that can serve as a foundation to facilitate responsible implementation and interoperability.
We are delighted to be partnering with the Global Blockchain Business Council and members of the Blockchain Council to create this open resource. They can be used by ecosystems, policymakers and more, to inform their approach to future technologies and standards.