BNY Exec: Lack of Industry Standards Hurting Blockchain Tech
“To me, network effect is the key.” So says Saket Sharma, CIO of New York-based financial services firm BNY Mellon's Treasury Services unit, as he outlined the bank’s approach to adopting the technology that underlies bitcoin. Last week, BNY Mellon hosted a day of seminars focused on the blockchain. The event, which drew a small but engaged crowd of BNY employees, followed months of internal development and experimentation that saw the bank pilot its own digital currency and, later, joining a consortium of financial institutions looking to implement the technology. In an interview, Sharma....
Related News
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,....
An Australian group has been selected by the International Organization of Standardization (ISO) to spearhead a technical committee developing standards for blockchain tech. Standards Australia announced its leadership role on the committee yesterday, revealing it will oversee members from 35 countries on the effort. The ISO, founded in the 1940s, is composed of representatives from more than 160 national standards-setting bodies. As such, in addition to Australia, the ISO work will draw representatives from standards bodies in Canada, France, the UK and the US, among others. The....
The lack of global financial industry data standards for financial instruments has created chaos for digital currency startups and the financial sector as a whole. Even more devastating is the intensification effect this lack of standards has had during recent financial crises. The ACTUS project aims to mitigate these problems by creating and....
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....
Venture capitalists tend to invest in companies with predominantly white male leadership, while women and people of color "remain in the waiting room," according to Stephen Lynch. According to some United States lawmakers in the House Financial Services Committee, the lack of diversity in the financial technology space could be hurting many companies’ bottom lines.In a Thursday virtual hearing on “Combatting Tech Bro Culture,” U.S. lawmakers and witnesses discussed how women and people of color were underrepresented in leadership positions in the financial technology industry, including....