Decentralised technologies are emerging as an important feature in the next evolution of the digital economy, and the foundation on which many beneficial new products, services and markets could be built, from new forms of finance to novel governance models and means for social connection. At the same time, successive waves of blockchain innovation have demonstrated the need to fully reflect the legal rights and responsibilities of participants – and the expectations of wider society – in these networks, the activities they support and the governance structures that have sprung up around them. The lack of geographic boundaries in decentralised systems, and the global nature of digital markets more broadly, have made cooperation between countries crucial.

Establishing approaches, practices and frameworks to guide blockchain towards responsible and trustworthy innovation is an imperative for business and a priority for governments – and an important precondition to widespread use in the future. The fifth edition of the OECD’s annual Global Blockchain Policy Forum brought together policy makers, innovators and thought leaders to address key challenges and promote action towards this goal, including with the launch the OECD Recommendation on Blockchain and Other DLT – the world’s first government-endorsed policy standard on blockchain technology.