World Economic Forum publishes new blockchain initiative GSMI

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A detailed project on compliance with blockchain guidelines was published with the Global Standard Mapping Initiative. The GSMI deals with important economic trends and gives companies practical guidelines for blockchain applications.

Industry leaders launched the Global Standards Mapping Initiative (GSMI) under the auspices of the World Economic Forum (WEF) and the Global Blockchain Business Council (GBBC)released. The Bitcoin Storm is a comprehensive inventory of blockchain implementation in industry based on 30 companies, 185 jurisdictions and 400 industry groups. The initiative is open to the public and is intended to support various industries in developing blockchain framework conditions and standards.

The GSMI deals with three different main areas

Technical norms, legislation and guidance from sovereign and international bodies, as well as best practices and standards.

One of the key takeaways was the increasing fragmentation of technology, both globally and within jurisdictions. Overlaps, gaps and conflicts in agreeing standards were also a major issue. There have been discussions as to which areas the technology may have been used too early. In addition, there are not enough guidelines for new approaches, which is why it is urgently necessary for organizations to develop their own blockchain strategies. The important role that government agencies play in shaping future technology was also addressed. In addition to guidelines for all those interested in blockchain, an interactive map of the blockchain legislation and guidelines was published with the GSMI.

Blockchain experts are convinced of the GSMI

Many participating blockchain experts commented on the initiative. Sheila Warren , Head of Blockchain at the World Economic Forum, explains that there would have been enormous demand for such an initiative in advance.

We were delighted to be working 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 further their approaches to future technologies and standards to inform.

GBBC chairman, senior managing director and head of the blockchain business at Accenture David Treat, meanwhile, mentioned a certain risk of process delay that had been accepted in order to bring the initiative into being. In his eyes, however, GSMI represents an important step forward. The future can now be designed with transparent and more secure infrastructures. The new blockchain guidelines are an impartial basis that supports organizations around the world in doing business with digital assets.

World Economic Forum initiative is still in its infancy

Sandro Ro, Chief Executive Officer of the global Blockchain Business Council, is also proud of the initiative. He is already inviting other partners to join the GSMI.

GSMI partners and collaborators are a diverse group of stakeholders from industries, governments, and academia who represent a range of perspectives and ideologies. Coming together to lay the foundation for better harmonization and clarity in setting standards is an example of the blockchain community’s unique ethos based on collective progress and collaboration.

Brian Behlendorf, Executive Director of Hyperledger, also describes the initiative as an important contribution to the blockchain ecosystem. The mapping project makes it clear that the blockchain community is collaborative by nature.

The use of blockchain technology is becoming increasingly important in more and more industries. That is why the co-founders of GSMI have decided to keep the initiative growing. In the future, other companies will participate in the collaboration.