World Economic Forum Releases Global Blockchain Standards
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

World Economic Forum Releases Global Blockchain Standards

October 19, 2020      Jafrin Ahmed

The World Economic Forum has released a report on global blockchain standards from 185 jurisdictions, 30 technical standard-setting entities, and 400 industry groups.

World Economic Forum on a Common Blockchain Standard

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.

READ  Retail Buyer's Numbers Went up on Coinbase Exchange

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.

Blockchain Standards Necessary For Wider Adoption

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.”

READ  Coinbase Wallet Includes Short Addresses To Make Crypto Transfers Easy

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.

#Blockchain adoption #Blockchain Technology #David Treat #GBBC #Global Blockchain Business Council #Global Standards Mapping #WEF #Work Economic Forum
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.