GENEVA / ACCESSWIRE / October 14, 2020 / Industry leaders today released the Global Standards Mapping Initiative (GSMI), the first and most comprehensive effort to assess the current state of blockchain. Based on input from over 30 technical standard-setting entities, 185 jurisdictions, and nearly 400 industry groups, the reports are accessible to the public and intended to serve as a resource for the blockchain community to develop thoughtful frameworks and standards to propel the industry forward. The reports, released by the Global Blockchain Business Council (GBBC) and the World Economic Forum, map and assess the current blockchain and digital asset landscape across three distinct areas: technical standards; legislation and guidance by sovereign and international bodies; and industry best practices and standards.
Key insights highlighted in the reports include: the technology's fragmentation both worldwide and within jurisdictions, overlaps, gaps, and conflicts in standard-setting - and where these activities may be premature - a lack of dynamic guidance for new uses of the technology, the need for proactive strategies from organizations, and the important role regulators will play in shaping the future of the technology. The reports also provide action-oriented guidance for public and private sector stakeholders and include an interactive world map of blockchain legislation and guidance.
The initiative is led by the Global Blockchain Business Council and the World Economic Forum, with core collaborators: Accenture; Digital Currency Initiative, MIT Media Lab; ESG Intelligence; Global Digital Finance (GDF); Hyperledger, The Linux Foundation; ING; the Milken Institute; SIX Digital Exchange (SDX); and other global entities. For a full list of partners and collaborators, please see here.
Sandra Ro, CEO of the Global Blockchain Business Council, said: 'GSMI partners and collaborators are a diverse group of stakeholders across industries, governments, and academia who represent a range of perspectives and ideologies. Their coming together to lay the foundation towards greater harmonization and clarity surrounding standard-setting exemplifies the unique ethos of the blockchain community rooted in collective progress and collaboration. The GBBC is proud to have incubated this initiative alongside the World Economic Forum and looks forward to continued collaboration as the GSMI evolves and develops beyond this initial release. We invite new partners to join us as we build upon this initial body of work, GSMI version 1.0.'
Sheila Warren, Head of Blockchain, Digital Assets, and Data Policy at the World Economic Forum, said: 'There has been a strong demand signal for a catalogue of standards-related activity that could serve as a cornerstone for facilitating responsible deployment and interoperability. We were excited to collaborate with the Global Blockchain Business Council and members of our Blockchain Council to create this open resource that can be used by the ecosystem, policymakers, and beyond to inform their approaches to the technology and standards moving forward.'
David Treat, GBBC Board Chair and Senior Managing Director and Head of Accenture's Blockchain Business, said: 'The next wave of innovation will be driven by collaborative ecosystems, underpinned by blockchain and multiparty systems. The technology is advancing quickly, but the complexities of the standards, frameworks, and policies necessary to align to best practices have risked slowing progress to broad-based adoption. At Accenture, we believe this important initiative offers a significant leap forward as we help our clients to drive business transformation and shape the future with more resilient, transparent, and secure infrastructures.'
Benjamin Nadareski, Global Corporate and Business Development at SIX Digital Exchange (SDX), said: 'The digital asset industry has seen exceptional growth in 2020, yet has continued to lack the global standards required to unlock the true value behind this emerging asset class. We are excited to be involved with an effort that unifies academia, industry, and regulatory efforts to provide a non-biased foundation for the required standards that companies around the world need for their digital asset businesses. With the first launch of phase 1 for the GSMI initiative, we are excited to open up the effort to additional global leaders and experts in the digital asset industry.'
Carole Biau, Director for Global Market Development at the Milken Institute, said: 'We are proud to have participated in such an important endeavor. GSMI provided an opportunity for two Scholars of our IFC-Milken Institute Capital Markets Program to thoroughly research the blockchain and digital asset landscape in a wide range of countries and to learn from varying regulatory perspectives. Going forward, GSMI can be an important addition to the regulatory toolkit for our Scholars and Alumni as they work to modernize and strengthen capital markets across developing and emerging economies.'
Lawrence Wintermeyer, Exec Co-Chair of Global Digital Finance, said: 'The GSMI project was ambitious in its goal of mapping out the global regulatory and association landscape for crypto and digital assets. For the first time, business leaders and policymakers can now access the (fragmented) landscape of jurisdictional regulatory intelligence and better understand which of the agencies and associations is best positioned to support their needs.'
Brian Behlendorf, Executive Director of Hyperledger, said: 'The GSMI reports will be key resources for adding critical structure to the fast-evolving blockchain industry. The broad-based effort behind this important mapping project shows the inherently collaborative nature of the blockchain ecosystem. As champions of openness and standards, Hyperledger applauds this important work, and we look forward to continuing to contribute to this initiative.'
Mariana Gomez de la Villa, Distributed Ledger Technology Program Director at ING, said: 'We all know DLT is a network technology and for it to reach mass-scale adoption, you need strong synergies where every single participant on the value chain experiences the value. As an ecosystem, we won't be able to deliver value without developing clear standards. This is why ING decided to contribute to the technical report with the World Economic Forum.'
Sumit Kumar, Co-Founder of ESG Intelligence, said: 'The GSMI project is a timely initiative that will help expand the blockchain ecosystem. It will provide an opportunity for organizations that are still watching from the sidelines to assess the regulatory and business landscape and contribute to the ecosystem. We are proud to have joined this important project as it shares our goal of expanding enterprise blockchain adoption.'
As blockchain continues to evolve and scale, clarity on its technical, regulatory and governance models will be paramount in shaping the trajectory and potential of the technology. The GSMI is an ongoing effort that will continue to grow. For anyone interested in collaborating, please get in touch.
Notes to editor:
The Global Blockchain Business Council (GBBC) is the leading global industry association for the blockchain technology ecosystem, which brings together innovative organizations and thought leaders from over 50 countries. The organization is dedicated to furthering adoption of blockchain technology through engaging regulators, business leaders, and global changemakers on how to harness this groundbreaking tool to create more secure, equitable, and functional societies. (www.gbbcouncil.org).
The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, and other leaders of society to shape global, regional, and industry agendas. (www.weforum.org)
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SOURCE: Global Blockchain Business Council (GBBC)
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