Global Standards Mapping Initiative (GSMI)

Taxonomy

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. Moreover, as many have adapted to working, learning, and interacting remotely, the need for clear and consistent communication is more important than ever, underscored by universally accepted definitions.

The GSMI Taxonomy provides 182 terms specific to blockchain and digital assets, with crowdsourced and standardized definitions that capture the full meaning of each concept as it is utilized in the industry today. Just over half of these terms encompass core concepts for blockchain technology, while the rest are categorized as terms specific to sectors where this technology is already bringing major changes – finance, environmental initiatives, digital identity, and supply chain.

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. We have seen these tools accelerate vaccine distribution, improve the lives of refugees, redefine the way we produce and consume art, reimagine electrical grids, facilitate corporate responsibility, and reshape our capacity to combat climate change.

At the core of the GSMI taxonomy is the acknowledgment 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.

Finally, as this work is meant to continue and be reviewed alongside the progress of the blockchain and digital assets ecosystem, we welcome recommendations and additional resources that will enable us to further refine the quality and scope of this effort.