Updated: 10/14/2020 18:48
Hyip Monitor
WEF has released a new initiative to study the blockchain and the cryptocurrency state by examining the current regulations, technical standards, and best industry practices.

The World Economic Forum (WEF) has collaborated with the Global Blockchain Business Council (GBBC) to launch a new initiative assessing the state of blockchain and cryptocurrencies.

Dubbed the Global Standards Mapping Initiative (GSMI), it will determine the industry landscape by examining a few distinctive areas.

WEF Launches GSMI To Examine Blockchain State

According to the announcement from earlier today, the GSMI is the brainchild of the WEF and the GBBC. Other prominent partners include Accenture, Digital Currency Initiative, MIT Media Lab, Global Digital Finance, Hyperledger, ING, The Linux Foundation, and “other global entities.”

The initiative’s primary purpose is to “map and assess the current blockchain and digital asset state” by exploring three areas. Those include the current technical standards, legislation and guidance released by sovereign and international bodies, and industry best practices and standards.

The GSMI catalogs output from over 30 technical organizations, 185 jurisdictions, and nearly 400 industry groups. By evaluating the landscape, the group will synthesize critical trends and provide “action-oriented guidance for the public- and private-sector actors.”

The organizations are keen to keep the entire process as transparent as possible by allowing anyone to have complete access to the reports and resources. Their intention is to “serve as a resource for the blockchain community and beyond as we look to develop thoughtful frameworks and standards to propel the industry forward.”

Born By Demand

Chief Executive Officer of the GBBC Sandra Ro highlighted the rapid growth the blockchain and cryptocurrency industries have experienced in the past few years. As such, she believes that the field requires a more comprehensive tool to keep track of all developments in different sectors.

“There has been a strong demand signal for a catalog 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, policy-makers, and beyond, to inform their approach to the technology and standards moving forward.” – commented Head of Blockchain at the World Economic Forum, Sheila Warren.

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