United Nations aims to standardize blockchain
The United Nations Internet Governance Forum (IGF) and the Government Blockchain Association (GBA) have announced a new partnership to standardize blockchain and cryptocurrency.
The partnership will introduce the Dynamic coalition on blockchain assurance and standardization. It will use the GBA’s maturity model to promote blockchain adoption and ensure network interoperability.
Moreover, the Dynamic coalition on blockchain assurance and standardization will focus on promoting blockchain use across various industries, including artificial intelligence, supply chain, economic development, environmental stewardship, communication and infrastructure, and digital identity.
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Notably, a 2022 report from Chainalysis highlighted the growing prominence of blockchain and cryptocurrencies on the global scene. It emphasized the rapid adoption rate observed across several countries.
This increasing prominence underscores the need for proper standardization. To this end, the recently-formed coalition by the IGF and GBA will work to ensure that blockchain is used responsibly and efficiently. This will help pave the way for the widespread adoption of this innovative technology.
The IGF and GBA partnership is a significant step forward in the global effort to standardize blockchain and cryptocurrency. The group’s members have already initiated several pilots for blockchain initiatives.
To ensure proper implementation, the coalition will convene regularly throughout the year to deliberate on progress for each phase of the work. The alliance will also periodically release the results of its efforts, including standardization and assurance criteria and the outcomes of pilot projects.
In addition, the Dynamic Coalition on Blockchain Assurance and Standardization will also develop a validation protocol that ensures that blockchain solutions meet the necessary standards. The coalition will receive support from all stakeholders, including government agencies, businesses, and non-profit organizations.