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 insights into the technology’s fragmentation both worldwide and within jurisdictions, overlaps, gaps, and conflicts in standard-setting – and where 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: https://gbbcouncil.org/gsmi.
The initiative is led by the World Economic Forum and the Global Blockchain Business Council, with collaborators: Accenture; Astana International Financial Centre (AIFC); Digital Currency Initiative, MIT Media Lab; ESG Intelligence; Global Digital Finance (GDF); Hyperledger, The Linux Foundation; ING Group; the Milken Institute; SIX Digital Exchange (SDX); and other global entities.
Kairat Kaliyev, Chief Development Officer of the Astana International Financial Centre: “GSMI is a detailed study of blockchain technology, its legal and regulatory framework, and technical standards around the world. It contains key trends, best practices from different countries, and practical guidelines for the public and private sector. We are glad to participate in this project as patron member of GBBC. AIFC experts took part in the study, summarizing the development of the blockchain legal and regulatory framework in Kazakhstan. In particular, information was provided on the results of the work of the AIFC on the creation and development of legal regimes in the field of blockchain.”
Sandra Ro, CEO of the Global Blockchain Business Council: “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: “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, policy-makers, and beyond, to inform their approaches to the technology and standards moving forward.”
You can access the reports here https://gbbcouncil.org/gsmi.
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The Astana International Financial Centre was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the “100 steps to implement five institutional reforms” national program. The Centre’s development strategy until 2025 was approved by the Management council of the AIFC during the council’s meeting on July 2, 2020. In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe. The mission of the AIFC is in assisting the sustainable and long term development of the region. As the head of state Tokayev noted, “AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region.”The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and “digital financial centre.” www.aifc.kz
The Global Blockchain Business Council (GBBC) is the leading 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 ground-breaking 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
The Global Standards Mapping Initiative (GSMI) is the first comprehensive report on the blockchain industry, mapping data from dozens of technical standard-setting entities, 185 jurisdictions and governments and nearly 400 industry groups.
It is also one of the few standards resources accessible to the wider public, intended to serve as a resource to propel the industry forward.
Reports synthesize key trends and provide action-oriented guidance for public and private sector actors.
Discover resources from the Global Standards Mapping Initiative and read the reports here www.gbbcouncil.org/gsmi.
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