The WEF published the paper, entitled Global Standards Mapping Initiative: An overview of blockchain technical standards. This is in collaboration with the Global Blockchain Business Council (GBBC) for the World Standards Day 2020.
In the paper, the WEF lauded blockchain technology. They mentioned that there have already been promising use cases and applications that have emerged since its conception.
However, the WEF observed that the industry needs to work on many things to help it achieve mass adoption. One of the main issues observed is the little work exerted from industry leaders to catalog and evaluate the “bedrock upon which the ecosystem can build.”
Specifically, the document highlighted that blockchain technology has to improve its technical principles. Aside from that, international blockchain authorities must enhance the legislation and guidance they offer.
In short, many blockchain startups lack more meaningful oversight and accountability from international organizations.
Moreover, the WEF observed that many blockchain initiatives initially thrive by pumping up hype around their platform. Yet, failing to deliver what they have promised to investors. This may have been the case with the 2017 initial coin offering (ICO) hype. And if the crypto world is not careful with the mistakes of the past, this could get repeated with the ongoing DeFi hype.
Nevertheless, the WEF conceded that blockchain network governance indeed “introduces a new set of demands and possibilities.” It acknowledged the presence and contribution of many notable organizations like Hyperledger, Enterprise Ethereum Alliance (EEA), the China-based National Blockchain and Distributed Accounting Technology Standardization Technical Committee, and more.