Consensus Blockchain Standards Panel: Industry Should Take Action
The last day of CoinDesk's Consensus 2016 featured a deep dive on enterprise standards for blockchain applications, a topic that drew a capacity crowd to the Wednesday event. Featuring author William Mougayar; Barclays blockchain and distributed ledger lead Simon Taylor; and Ethereum creator Vitalik Buterin, the session featured an open-ended question-and-answer session that ultimately morphed into a back-and-forth conversation on the nature of standards. Early on, Buterin drew a distinction between the standardization drive of business executives and managers – and the potential standards....
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WEF study says the ongoing efforts from blockchain organizations are not enough to set global blockchain standards. A study conducted by the World Economic Forum and Global Blockchain Business Council reveals the reasons why the blockchain industry still lacks well-defined standards on the global level.Dubbed the Global Standards Mapping Initiative, the study notes that the gaps, divergence and overlap in the standard-setting landscape of the blockchain industry are the biggest challenges the industry needs to surmount.Most organizations involved in setting standards for the industry have....
Armed with sky-high expectations and seemingly boundless enthusiasm for how tech could reinvent industry in the digital age, the "blockchain" industry has been overwhelmed with blockchains. Not only are there multiple open public blockchain projects, but legacy institutions and corporates are building exclusive permissioned blockchains. So far this year, there have been specialty blockchains created for everything from credit default swaps to managing global supply chains. It's unclear how these blockchains will need to interact with each other in the future to prove its....
A roundtable hosted by CIGI in Toronto, called “Regulating Blockchain & Distributed Ledger Technologies: Challenges and Opportunities for Canadian Innovation”, featured individuals from industry, government and academia. Addison Cameron-Huff, a technology lawyer, recently blogged his thoughts about that panel. There are very important questions he feels people must ask themselves before knowing fully the right approach to blockchain regulation. For instance, regulators, lawyers and theoreticians must know what they’re discussing. The blockchain space is nascent. Huff highlights some of....
Bankenes StandardiseringsKontor (BSK), a Norway-based private banking standards body, is planning to unite financial industry stakeholders for a forthcoming meeting on blockchain technology. Founded in 1994 by all the domestic banks, BSK is tasked with establishing and maintaining industry standards for payment systems, IT security and information exchange. Further, BSK's board of directors include representatives from some of the country's largest financial institutions, including DNB and SpareBank. An internal note issued by BSK indicated that, while the organization believes the impact....
Let's start by stating the obvious – Warnings about the need for blockchain standards are premature and alarmist. It's too early to claim that a lack of standards is hurting blockchain technology adoption, or to call for standards bodies like the International Standards Organization (ISO) to get involved and define what they should be. (Though, there are already groups doing this). The topic of blockchain standards is complicated, and it extends beyond just seeing it as an interoperability challenge. This is because blockchain standards can be divided into three interrelated vectors,....