Study finds blockchain development hampered by lack of universal standards

The effectiveness of standards for blockchain development and regulation depends on regulators’ understanding of the technology, and the development of the sector on clear terminology. The conclusions are contained in a joint study by the World Economic Forum (WEF) and the Global Blockchain Business Council (GBBC).

WEF GSMI Technical Standards 2020 by ForkLog on Scribd

The authors of the GSMI report sought to provide a snapshot of the current state of the industry and to highlight gaps in technical standardization.

In their view, most organizations that establish blockchain standards focus on certain areas and ignore others. Their interests and the scope of activity vary with the hype surrounding the technology.

“It is important for all participants that the use of blockchain and standardisation efforts have a clear objective,” the document states.

The researchers describe recognizing these problems as the first step toward overcoming them. Regulators should raise knowledge and pursue collaboration, while industry representatives should participate in rulemaking.

PwC estimated that mass adoption of blockchain will lift global GDP by $1.7 trillion by 2030. The greatest gains will go to China, whose economy will receive an additional $440 billion.

In Moody’s report from last year, it was stated that blockchain technology would more likely be brought under common standards by 2021.

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