Assessing Present State Of Blockchain Technology - WEF.

Assessing Present State Of Blockchain Technology - WEF.

2020-10-14 | Big Bob

Assessing Present State Of Blockchain Technology - WEF.

The World Economic Forum is now working in collaboration with the Global Blockchain Business Council, an advocacy group, to assess the present state of blockchain technology.

The GSMI [Global Standards Mapping Initiative], revealed earlier on Wednesday, is the most "comprehensive" attempt thus far to survey blockchain technical standards, consistent with the organizations.

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

The report attempts to offer a snapshot of the present blockchain landscape by mapping present technical standardization efforts, identifying gaps, and recognizing "next steps" for the businesses.

The initiative is meant to function resource to maneuver the industry forward by combining industry trends and offer "action-orientated guidance" for the general public and personal sectors.

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

Those questions associated with issues like a requirement for increased education for regulators, fragmentation of approaches across different jurisdictions as well as premature standardizations.

As per the report analysis, concerns regarding terminology and technical design choices for DLT, along with clarity and guidance for the global actors.

The initiative also comes together with notable entities working in blockchain, along with MIT Media Lab, Accenture, as well as the Linux Foundation.

While other collaborators embody Hyperledger, ESG Intelligence, Global Digital Finance, ING Group, Six Digital Exchange, the Milken Institute, among others.

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