THE UNITED NATIONS PLANS OF STANDARDIZING BLOCKCHAINS
The United Nations Internet Governance Forum and the Government Blockchain Association have come together and formed a partnership that aims to regulate blockchains and cryptocurrencies. The two organizations are set to come up with a Dynamic coalition that will deal with blockchain regulation. To promote blockchain adoption among investors and transparency in the network, the GBA maturity model will be put to use.
The Dynamic coalition will also focus on improving the use of blockchain in various industries such as supply chains, economic development, communication and infrastructure as well as digital identities. Environmental stewardship and economic development are also a part of this list.
A Chainalysis report in 2022 revealed that blockchain and cryptocurrencies were becoming more and more popular each day. It greatly sensitized the adoption rate in many countries. As a result, the increasing popularity prompts the need for great standardization. The GBA and the IGF will therefore be ensuring that the blockchain technology will be used efficiently and effectively. If they manage to do this, there can be an increased acceptance rate for cryptocurrencies worldwide.
This initiative has been launched three days after the Government Blockchain Association launched the Web3 Intelligence Protocol on their membership page. This partnership is a step to opening many doors for the cryptocurrency world. It is worth noting that adoption levels of cryptocurrency tokens and their regulation could have positive outcomes on them if they fall in their favor. The members of both organizations have already set up a few pilots for the blockchain initiatives.
In order to manage good implementation of work, the coalition will meet on a regular basis as the year progresses to discuss the progress of the phases of the project. The members will also release the results of the standardization and assurance methods used.
Furthermore, the Dynamic Coalition will set up a protocol that validates and makes sure the standardization is met fully. To make the project a success, stakeholders, government agencies, and nonprofit organizations will also take part in the initiative.