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Establishing a World Standard for “Blockchain” Technology of Distribution and Trust

Blockchain is a technology of distribution and trust. People use this blockchain technology to manage cultural and community regulations and connect networks. It is a core technology of the 4th Industrial Revolution that creates economic value for data by converging Artificial Intelligence (AI) and Internet of Things (IoT) technologies as well as automating economic activity, including global logistics and finance. However, there are always difficulties in the process of replacing human made systems with machinery and technology. While a data economy is emerging that shares and processes personal
information, such as biometric data, problems still remain, such as how to simultaneously satisfy the sharing and protection of that data and how ownership of that data can be distributed. Blockchain technology has emerged as a technological solution to this problem. KAIST took part in the publication of the blockchain Global Standards Mapping Initiative (GSMI).

World’s first exhaustive report on blockchain technology standards, laws, regulations, and administrative guidelines of each country

The blockchain Global Standards Mapping Initiative (GSMI) was currently published as the advancement of blockchain technology requires technological standardization that responds to different technologies, laws, regulations, and policies of each country in the world. The Global Blockchain Business Council (GBBC) and the World Economic Forum (WEF) led the initiative, and KAIST and MIT participated as a consortium. GSMI is a world-first report that encompasses blockchain technology standards, laws, regulations, and administrative guidelines for each country in the world. It presents a technology standard for the first time through the systematization of information regarding 30 international technology standards organizations, 185 national judicial institutions, and 400 industrial organizations.

Principal researcher Kibae Kim contributed to the investigation of global regulations and technology standards utilizing his experiences in the establishment of guidelines on blockchain regulation reconsideration and application along with data economy related projects. Implementation of the Korea Central Bank Digital Currency (CBDC) and improvements in the commercialization regulations through the designation of the Busan Blockchain Regulation Free Special Zone are included in the report.

Paving the way for KAIST industrial technology academia-based international joint research

Principal researcher Kibae Kim highly evaluated the official international agreement and joint research participation of KAIST, saying, “Adapting was not easy due to the physical time and unfamiliar environment while participating in the international joint project, but the experience of international joint research with global leaders was an opportunity to enhance policy research to global levels.”

Blockchain based virtual assets like Bitcoin have become a social issue, but international standards are lacking so that applications of blockchain that go beyond national borders are not being realized. This research participation will become the first step in preparing for the era where blockchain, which has
universal advantages, will bring about disruptive innovation greater than rapid progress and joint research achievements are expected in the future, similar to the European Commission Joint Research Centre, National University of Singapore, and World Bank. Meanwhile, international cooperation will continue
even after the publication of GSMI with a joint workshop program co-hosted with the World Economic Forum (WEF).

Principal Researcher, Kibae Kim
2020 KI Annual Report

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