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Blockchain Technology Should Be Standardized By 2021 Says Study

blockchain

Blockchain technology will become much more standardized by 2021, states new research by Moody’s Investment Service. More specifically, the research breaks down into:

“Blockchain standards likely to emerge by 2021 will be credit positive for securitisations using the technology, fostering benefits such as better interoperability and other operational efficiencies, Moody’s Investors Service said in a report published today.”

A VP Senior Research Analyst at Moody’s, Frank Cerveny, spoke a little more on standardization. Here, he says that standardization would ensure that blockchain’s benefits are “more accessible for securitisations.” From here, the process would “improve interoperability across systems and market participants, but also reduce counterparty concentration, operational and legal/regulatory risks for transactions that use blockchain technology.” This could include the best cryptocurrency exchanges, for example.

Essentially, what he’s saying here is that standardizing blockchain technology would ensure that different networks could communicate with one another, ensuring that the benefits of all can work with one another.

Say, for example, a gambling application on Ethereum could work with a wallet application on, say, EOS. It would also help facilitate “the establishment of blockchain-based ecosystems, eventually reducing the need for lengthy and redundant reconciliation processes across transaction parties, and replacing sequential actions with parallel execution.”

As of now, the entire cryptocurrency space, be it Bitcoin trading or app usage is a bit unregulated. Most of it exists in its own area, without the ability to interact with one another. This greatly limits its ability to expand into the rest of the mainstream, unfortunately. It would be ideal if this research were to push things a little further into interoperability.

“Global blockchain standardisation is primarily driven by the International Organisation for Standardisation (ISO). Currently, there are many independent blockchains, with a lack of standardisation and interoperability, limiting operational efficiency gains and heightening risks,” the post concludes.

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Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend. LinkedIn: https://www.linkedin.com/in/maxwell-moeller-912044b4/