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Leaders Release Unprecedented Map of Blockchain Standards

  • The Global Standards Mapping Initiative is the first comprehensive effort to survey blockchain standards, mapping data from over 30 technical standard-setting entities, 185 jurisdictions, and nearly 400 industry groups
  • It is one of the few standards data sets accessible to the wider public, intended to serve as a resource to propel the industry forward
  • The reports synthesize key trends and provide action-oriented guidance for public and private sector stakeholders

Blockchain adoption leaders last week released the Global Standards Mapping Initiative (GSMI), what analysts say is 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.

“GSMI partners and collaborators are a diverse group of stakeholders across industries, governments, and academia who represent a range of perspectives and ideologies,” said Sandra Ro, CEO of the Global Blockchain Business Council. “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. We invite new partners to join us as we build upon this initial body of work, GSMI version 1.0,” said Ro.       

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.

According to Sheila Warren, Head of Blockchain, Digital Assets, and Data Policy at the World Economic Forum, 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. 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.

“The next wave of innovation will be driven by collaborative ecosystems, underpinned by blockchain and multiparty systems,” said David Treat, GBBC Board Chair and Senior Managing Director and Head of Accenture’s Blockchain Business. “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,” Treat said.

More resources from the Global Standards Mapping Initiative, including the reports, can be found here: https://gbbcouncil.org/gsmi/.

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