Global Standards Mapping Initiative (GSMI)

Taxonomy & Definitions

In order to foster the level of collaboration across stakeholders necessary for scale, it is essential to operate under a common language. As the space develops at lightning speed, where definitions can evolve at the pace of new applications being launched, common understanding has become both increasingly critical and progressively complex. The need for clear and consistent communication is more important than ever, underscored by universally accepted definitions. Shared language creates the foundation for collaborative understanding and progress, bringing together stakeholders with shared interests to advance common goals and standards. Blockchain, often in combination with other emerging technologies, is already breaking silos and progressing substantive solutions to move our world in a positive direction and meet the most pressing challenges of our time.

The GSMI Taxonomy includes 350 terms specific to blockchain and digital assets, categorized as essential terms, non-essential terms, and sector-specific terms. Terms considered essential to blockchian and digital assets have been further categorized into main subject areas specific to the space, drawing on prior academic categorizations utilized in existing taxonomies. Each term has been cross-checked against definitions from multiple globally respected standards setting bodies and industry-specific glossaries. Therefore there are multiple definitions for most terms, in order to reflect the fact that the space is still developing and that the definitions are continuously evolving. This landscape of terms and definitions is meant to capture the full meaning of each concept as it is utilized in the industry today.

This taxonomy is meant to be an interactive resource, where users can pick a definition from the landscape of sources listed in the drop-down menu for each term. It is also meant to be a dynamic resource that will evolve over time as the space continues to develop.

At the core of the GSMI taxonomy is the acknowledgement that global innovators creating solutions to address society’s toughest challenges need globally accepted standards to facilitate impactful and responsible cross-border innovation. This work builds on materials and knowledge from prior shared taxonomies, and in highlighting industry-specific concepts, emphasizes the tangible ways that this technology can transform our everyday lives.

Moreover, often regulatory clarity follows advances in collaborative developments resulting in applications that work well across stakeholders, where a shared acceptance of best practices is built on common terminology and understanding. Taxonomy is imperative for harmonized global regulatory developments which are fundamental for scale and credibility. Regulators around the world have produced taxonomies to classify digital assets, as well as definitions preceding statutes, as part of comprehensive frameworks in development that are tailored for this space. This resource is meant to be utilized as a resource to support such efforts.

Finally, we welcome recommendations and additional resources that will enable us to further refine the quality and scope of this effort.

Reports

The GSMI Report Series is the result of various working groups convening over months to address the most pressing issues for blockchain and digital assets.  We bring together academics, corporate executives, government organizations, and startups to build on each other’s different perspectives, share experiences, and ask the right questions to advance effective solutions to current challenges.

Fact Cards

The GSMI Fact Card Series builds on prior research and reports, visually portraying key subjects on blockchain and digital assets in the most meaningful ways.  By educating and establishing understanding, we hope to drive this technology forward and foster strategic partnerships.