A study conducted by the World Economic Forum and Global Blockchain Business Council reveals the reasons why the blockchain industry still lacks well-defined standards on the global level.
Dubbed the Global Standards Mapping Initiative, the study notes that the gaps, divergence and overlap in the standard-setting landscape of the blockchain industry are the biggest challenges the industry needs to surmount.
Most organizations involved in setting standards for the industry have shown immense interest in some specific areas while completely neglecting the others. This creates an overlap in some sections of the blockchain industry while leaving a gap in the standardization of the other parts.
The interest and volume of activity around setting standards have also varied with the hype around the technology. Many organizations that set out to establish standards during the peak of the blockchain hype have either shut operations or are yet to produce any reasonable outputs.
According to the report, the five most common spheres that