While bitcoin’s public-facing, immutable ledger has proven resilient to attacks (and a mostly reliable way to transact peer-to-peer), businesses are still looking for something else to meet their volume and privacy requirements.
Yet, this search for alternatives has prompted problems of its own. In an effort to build products that meet diverse demands, using varied and often incompatible technologies, consortia have formed to help standardize the way financial institutions and enterprises build with blockchain.
At the core of the effort is a conflict over whether numerous blockchains with different technological features might replicate the complexity and inefficiencies of the current system, or otherwise slow down innovation.
Working behind the scenes in this delicate balancing act are multiple standards-making bodies around the world, as well as startups and corporations. However, it remains to be seen if these efforts will yield the desired results.