The effectiveness of the development and regulation standards of the Blockchain depends on the degree to which regulators understand the technology, and the development of the industry depends on clear terminology. Such conclusions are contained in a joint study by the World Economic Forum (WEF) and the Global Blockchain Business Council (GBBC).
The authors of The Global Standards Mapping Initiative (GSMI) attempted to provide an overview of the current situation in the industry and identified gaps in technical standardisation.
In their view, most organisations that set standards for the blockbuster are interested in certain areas and ignore others. Their interest and scope of activities varied depending on the hype around the technology.
The experts consider the problems to be vague terminology and the lack of standards that would formally determine the suitability of the blockade for specific processes.
„It is important for all participants that the use of the blockade and the standardisation efforts have a clear goal,“ the document says.
Researchers call recognizing these problems the first Crypto Wealth step towards overcoming them. Regulators need to improve knowledge and seek collaboration, and industry representatives need to be involved in developing regulations.
PwC analysts have estimated that the mass implementation of the blockage will increase global GDP by $1.7 trillion by 2030. The greatest benefit will come from China, whose economy will receive an additional $440 billion.
Last year’s report by Moody’s rating agency said that it is more likely that the blockchain technology will be brought up to general standards by 2021.
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