April 12, 2016 marked the launch of a new international organization for Blockchain advocacy named as Global Blockchain Forum. It is a joint venture of four leading organizations viz. Chamber of Digital Commerce, UK Digital Currency Association, ADCCA and ACCESS. The main objective is to build an interoperable public policy for $8 Bil industry and to foster the use of digital assets and blockchain technology across the world.  

GBF has an adroit team of founding members that include some leading Trade Groups from US, UK, Australia and Singapore. However, the major initiative was taken by Chamber of Digital Commerce (CDC). The CDC website highlights a global map which divides different regions of world into different sectors. The world map is divided into four sectors i.e. Permissive, Contentious, Hostile and Unknown which implicitly signifies the future plans of the organization.  

Development of Consistent Policies

The Global Blockchain Forum promises to support and undertake best practices for all its participants. It will also give a prime emphasis on spreading awareness regarding the blockchain technology to help enhance its realm.

Another prime focus of the organization will be to work with government agencies and world organizations to develop consistent policies for the regulation and legislation of blockchain technology.

Projects Undertaken So Far

GBF has already started working on certain projects in collaboration with government agencies, industries and academic institutions for the development of world class application standards such as identity management. One such initiative taken by GBF is Digital Identity Distribution which aims to develop blockchain based identities for those people who don’t have access to the social platforms like Facebook and LinkedIn.  

Challenges To Overcome

Regulation difficulty might be a major challenge if the blockchain technology is going to be used beyond the cryptocurrency sphere. Nevertheless, rules and regulations vary country to country. For instance, some countries have stringent rules and policies than the others. So every company operating at an international level needs to comply with these rules and policies. But dealing with all these issues while constantly trying to accomplish the objectives is quite a challenge for any organization. And GBF is no exception.
Perianne Boring, a former Forbes columnist and founding member of the project has highlighted many such issues recently. She anticipates that the regulators are likely to face more complicated issues if the blockchain expands beyond the cryptocurrency sphere. So as the blockchain expansion takes place, the regulation must be done in flexible way so that there could be a scope for further innovation.

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