World Economic Forum Announces Blockchain Standards Report

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World Economic Forum
US President Donald Trump looks on as the Landwehr Fribourg band leaves the stage during the World Economic Forum (WEF) annual meeting on January 26, 2018 in Davos, eastern Switzerland. / AFP PHOTO / Fabrice COFFRINI (Photo credit should read FABRICE COFFRINI/AFP/Getty Images)

The World Economic Forum on Thursday released a report assessing the Global Blockchain Standards. The Global Standards Mapping Initiative (GSMI), released Wednesday, is the most “comprehensive” attempt so far to survey blockchain technical standards, according to the organizations.

The GSMI mapped data from over 30 technical standard-setting entities, 185 jurisdictions, and almost 400 industry groups.

The report attempts to provide a snapshot of the current blockchain landscape by mapping current technical standardization efforts, identifying gaps and recognizing “next steps” for the industry.

The initiative is designed to serve as resource to move the industry forward by combining industry trends and provide “action orientated guidance” for the public and private sectors.

“The ecosystem is moving forward with designing and building for scale,” the report reads. “However, several questions critical to the success or failure of blockchain remain.”

Those questions related to issues such as a need for increased education for regulators, fragmentation of approaches across different jurisdictions and premature standardizations.

The findings of the report also included concerns regarding terminology and technical design choices for distributed ledger technology (DLT), as well as clarity and guidance for global actors.