Industry leaders today released the Global Standards Mapping Initiative (GSMI), the first and most comprehensive effort to assess the current state of blockchain. Based on input from over 30 technical standard-setting entities, 185 jurisdictions and nearly 400 industry groups, the reports are accessible to the public and intended to serve as a resource for the blockchain community to develop thoughtful frameworks and standards to propel the industry forward.
The reports, released by the World Economic Forum and the Global Blockchain Business Council (GBBC), map and assess the current blockchain and digital asset landscape across three distinct areas: technical standards; legislation and guidance by sovereign and international bodies; and industry best practices and standards.
Key insights highlighted in the reports include the technology’s fragmentation both worldwide and within jurisdictions, overlaps, gaps and conflicts in standard-setting – and where these activities may be premature – a lack of dynamic guidance for new uses of the technology, the need for proactive strategies from organizations, and the important role regulators will play in shaping the future of the technology. The reports also provide action-oriented guidance for public and private sector stakeholders and include an interactive world map of blockchain legislation and guidance.
The initiative is led by the World Economic Forum and the Global Blockchain Business Council (GBBC), with core collaborators: Accenture; Digital Currency Initiative, MIT Media Lab; ESG Intelligence; Global Digital Finance (GDF); Hyperledger, The Linux Foundation; ING; the Milken Institute; SIX Digital Exchange (SDX); and other global entities. For a full list of partners and collaborators, please see here.
Sheila Warren, Head of Blockchain at the World Economic Forum, said: “There has been a strong demand signal for a catalogue of standards-related activity that could serve as a cornerstone for facilitating responsible deployment and interoperability. We were excited to collaborate with the Global Blockchain Business Council and members of our Blockchain Council to create this open resource that can be used by the ecosystem, policy-makers, and beyond, to inform their approaches to the technology and standards moving forward.”
Sandra Ro, Chief Executive Officer of the Global Blockchain Business Council, said: “GSMI partners and collaborators are a diverse group of stakeholders across industries, governments and academia who represent a range of perspectives and ideologies. Their coming together to lay the foundation towards greater harmonization and clarity surrounding standard-setting exemplifies the unique ethos of the blockchain community rooted in collective progress and collaboration. The Global Blockchain Business Council (GBBC), is proud to have incubated this initiative alongside the World Economic Forum and looks forward to continued collaboration as the GSMI evolves and develops beyond this initial release. We invite new partners to join us as we build upon this initial body of work, GSMI version 1.0.”
David Treat, GBBC Board Chair and Senior Managing Director and Head of Accenture’s Blockchain Business, said: “The next wave of innovation will be driven by collaborative ecosystems, underpinned by blockchain and multiparty systems. The technology is advancing quickly, but the complexities of the standards, frameworks and policies necessary to align to best practices have risked slowing progress to broad-based adoption. At Accenture, we believe this important initiative offers a significant leap forward as we help our clients to drive business transformation and shape the future with more resilient, transparent and secure infrastructures.”
Mariana Gomez de la Villa, Distributed Ledger Technology Program Director at ING, said:“We all know DLT is a network technology and for it to reach mass scale adoption you need strong synergies where every single participant on the value chain experiences the value. As an ecosystem, we won’t be able to deliver value without developing clear standards. This is why ING decided to contribute to this technical report together with the World Economic Forum.”
Benjamin Nadareski, Global Corporate and Business Development at SIX Digital Exchange (SDX), said: “The digital asset industry has seen exceptional growth in 2020 yet has continued to lack the global standards required to unlock the true value behind this emerging asset class. We are excited to be involved with an effort that unifies academia, industry and regulatory efforts to provide a non-biased foundation for the required standards that companies around the world need for their digital asset businesses. With the first launch of phase one for the GSMI initiative, we are excited to open up the effort to additional global leaders and experts in the digital asset industry.”
Carole Biau, Director for Global Market Development at the Milken Institute, said: “We are proud to have participated in such an important endeavour. GSMI provided an opportunity for two scholars of our IFC-Milken Institute Capital Markets Program to thoroughly research the blockchain and digital asset landscape in a wide range of countries and to learn from varying regulatory perspectives. Going forward, GSMI can be an important addition to the regulatory toolkit for our scholars and alumni as they work to modernize and strengthen capital markets across developing and emerging economies.”
Lawrence Wintermeyer, Executive Co-Chair, Global Digital Finance, said: “The GSMI project was ambitious in its goal of mapping out the global regulatory and association landscape for crypto and digital assets. For the first time, business leaders and policy-makers can now access the (fragmented) landscape of jurisdictional regulatory intelligence and better understand which of the agencies and associations is best positioned to support their needs.”
Brian Behlendorf, Executive Director of Hyperledger, said:”The GSMI reports will be key resources for adding critical structure to the fast-evolving blockchain industry. The broad-based effort behind this important mapping project shows the inherently collaborative nature of the blockchain ecosystem. As champions of openness and standards, Hyperledger applauds this important work and we look forward to continuing to contribute to this initiative.”
Sumit Kumar, Co-Founder of ESG Intelligence, said: “The GSMI project is a timely initiative that will help expand the blockchain ecosystem. It will provide an opportunity for organizations that are still watching from the sidelines to assess the regulatory and business landscape and contribute to the ecosystem. We are proud to have joined this important project as it shares our goal of expanding enterprise blockchain adoption.”
As blockchain continues to evolve and scale, clarity on its technical, regulatory and governance models will be paramount in shaping the trajectory and potential of the technology. The GSMI is an ongoing effort that will continue to grow. If you are interested in collaborating, please get in touch.
Reasons for Choosing Temporary and Permanent Industrial Buildings
Professional temporary solution providers have become very innovative in designing industrial buildings. While temporary industrial structures are made of lighter materials such as aluminum and fabric or PVC covers, permanent solutions are made of steel or metal frames and sheets. All of them require good preparation of the ground, pre-fabrication of the frames and sheets, and proper installation to serve their purpose well.
Most beneficiaries of these structures are processing factories, manufacturing plants, sports clubs, schools, and many other organizations and companies. Choosing temporary and permanent industrial buildings from a reputable supplier has many perks.
So, let us dive into the reasons for choosing temporary and permanent industrial buildings to understand this topic better.
Amazing Speed of Constructions
Bye-bye brick and mortar industrial buildings that are time-consuming. Temporary and permanent industrial buildings are the way to go because they are fast and easy to fabricate and install using modern technology.
According to experts, these structures save a lot of time, especially if the frames and panels are already fabricated in the factory. Companies that need to set up new companies or expand the current ones will have everything ready in a matter of a few weeks.
Excellent Cost Saving
The economy is hard enough and the investor needs to save on capital when setting up companies or doing expansions. The good news is that temporary and permanent industrial buildings save costs by up to 30% when done by a professional company.
Smart-Space is not only innovative in their technology but they save you a lot of money when setting up your industrial structures. You can rent these structures if you only need them for a short time to save more money.
Absolute Flexibility and Versatility
If you are looking for structures that can be moved after a few years, then temporary and permanent industrial buildings are the way to go. As mentioned, they are made of frames and panels that are fastened together using bolts. Hence, they are easy to dismantle and move to a different location.
However, this work should be done by professionals to reduce damage and ensure the safety of the structures at all times.
High Level of Customization
If you are looking for functional sizes and unique designs that will maintain the theme of your company or organization, the temporary and permanent industrial buildings done by experts will be best. After a discussion of what will serve your business well, the solution provider will take a few days to do the designs with your preferred sizes and colors.
Customization also applies during the extension of an existing factory where everything is done to your preference or in the best possible way. To achieve a high level of customization, you should consider experienced solution providers.
Both temporary and permanent industrial buildings are surprisingly durable. Take steel industrial structures for example. They provide service for many years without the need for complicated maintenance. Since steel does not rust, the structure will withstand harsh weather conditions including moisture.
Structures made of metal frames and fabric are equally durable, especially when used as recommended. They also require low maintenance with no paintwork needed after every few years.
The buyers of temporary and permanent industrial buildings enjoy different manufacturer’s warranty benefits. This could be the bought structures or the materials used to make them. What’s more is that many reputable service providers also give warranties on the workmanship, which will save cost when there is a problem.
To enjoy all of these benefits, it is good to buy or lease your temporary and permanent industrial buildings from a reliable and trusted supplier. Well, there are even more benefits that you will realize once you start using these structures. So, make the right choice now.
New ways of thinking and working are necessary to reap blockchain benefits in capital markets
The World Economic Forum today released Digital Assets, Distributed Ledger Technology, and the Future of Capital Markets. Across the capital markets ecosystem, institutions are facing a combination of intensified competitive dynamics and accelerating technology advancements, presenting opportunities and challenges both to incumbents and new entrants. Although DLT is not a panacea, the report underlines how it can positively impact costs, market liquidity and balance sheet capacity while reducing the complexity, opacity and fragmentation of capital markets.
Written in partnership with the Boston Consulting Group (BCG), the report is based on nearly 200 interviews and eight global workshops with capital market incumbent players, new entrants, regulators and governments. It presents use cases from equity markets, debt markets, securitized products, derivatives, securities financing and asset management.
DLT can address real challenges and inefficiencies in some markets by providing a trusted, shared source of truth between market participants. However, the future is uncertain as there is no agreed path for market-wide adoption. What’s more, as institutions still decide where to invest, varying strategies create tensions.
The report calls for a balance between innovation and market safeguards through standardization, the breaking down of silos and regulatory engagement. According to the authors, fundamentally transforming markets will require new ways of thinking and working across the industry.
“Following several years of intense hype, examples of use cases where inefficiencies and challenges are being solved with blockchain are starting to emerge across capital markets,” said Matthew Blake, Head of the Future of Financial Services, World Economic Forum. “With the future for blockchain in financial services still being defined, a nuanced look at the opportunities this technology offers right now is particularly important for the financial services industry.”
“Distributed ledger technology has come of age as it begins to enhance efficiencies, reduce operating costs and create new business models in capital markets, but the use cases and solutions are respective to each asset class,” said Kaj Burchardi, Managing Director, BCG Platinion. “Whilst this makes sense from a commercial perspective, it has led to a complex patchwork of initiatives. For capital markets to unilaterally adopt DLT, they will require cross-institutional alignment to realize the game-changing market opportunities it can offer.”
Russian Nornickel signed a deal with UK chemicals giant Johnson Matthey
Russian Nornickel, the world’s largest metal producer has signed a deal with Johnson Matthey (JM) on long-term supply of critical metals for their battery materials production in Finland.
The Finnish government is actively developing production sites for battery components. Finnish budget for 2021 includes additional funding of EUR 300 million for Finnish Minerals Group to promote investments for the production of precursor and cathode active materials used in lithium-ion batteries in Finland.
Earlier in April Nornickel announced plans to ramp up sustainable nickel and cobalt production at its refinery in Finland — NN Harjavalta — in response to the growing European demand for high quality and responsibly sourced metals for the EV industry. NN Harjavalta’s product range will be playing an important role in satisfying Johnson Matthey’s requirements for its precursor and cathode active materials production in Finland as well as for its existing factory in Poland.
Johnson Matthey announced the development in Finland of its second commercial plant with a nameplate capacity of 30 kt of ultra-high energy density cathode materials required by EV producers. The factory will be powered solely by renewable energy and incorporate an innovative effluent treatment solution.
Nornickel and Johnson Matthey have also signed a memorandum of understanding to explore options to further extend metal supply in the future. The parties also intend to collaborate in other important parts of the battery materials value chain, including new metal dissolution technology, circular economy opportunities, and tokenization of the supply chain using blockchain technology. Implementation of token-based smart contracts allows combining metal deliveries with complete provenance as well as ESG credentials including carbon footprint to ensure the unprecedented level of responsible sourcing.
The deal will allow the Russian and British company to define joint sustainable development initiatives.
“We are delighted for this opportunity to develop our business together with Johnson Matthey — a new important player in the Finnish battery materials ecosystem — and help the company expand on the European EV market. Our memorandum should enable us to identify mutually beneficial sustainability initiatives that support the ambition of achieving the most sustainable battery materials value chain in Europe,” commented Vladimir Potanin, President of Norilsk Nickel.
Earlier, Norilsk Nickel signed a letter of intent to establish a battery recycling cluster in Harjavalta, Finland, to serve the electric vehicle market in partnership with Finnish energy company Fortum and German world’s leading chemical company BASF. This will successfully complete the “closed loop” recycling cycle for critical metals present in used batteries.
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