The World Economic Forum has released a report on global blockchain standards from 185 jurisdictions, 30 technical standard-setting entities, and 400 industry groups.
Dubbed as Global Standards Mapping, the report aims to put forward digital assets and blockchain technology in the wider space in collaboration with the Global Blockchain Business Council (GBBC). It features key areas such as technical standards; legislation, and guidance by sovereign and international bodies; and industry best practices and standards.
The report have highlighted that only certain sectors are given preference in the industry while completely neglecting others, leading towards an unclear standardization and improper guidance towards blockchain adoption.
A challenge towards setting a common set of standards across industries is that standards settings in the decentralized space vary with the hype across sectors. Most organizations that set on making new standards in the beginning often failed on delivering, with some even shuting down their operation.
The Global Standards Mapping offers a comprehensive analysis of interactive world mapping of blockchain legislation while guiding private and public sector stakeholders. Industries are often challenged to adopt hands-on strategies on the application of blockchain technology.
David Treat, board chair of GBBC, believes that even though blockchain technology is growing rapidly, its growth is hampered by regulatory frameworks and standard complexities. He said:
“The next wave of innovation will be driven by collaborative ecosystems, underpinned by blockchain and multiparty systems. 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.”
The report views that global blockchain standards are necessary in the blockchain space for the technology to reach its fullest potential and gain wider adoption, while noting the effectiveness of standards will ultimately come down to how well the technology is understood.