The European branch of the International Securities Association for Institutional Trade Communication (ISITC) has proposed 10 blockchain benchmarks it believes will help standardize the increasingly diverse set of blockchain tools currently available on the market.
Created by the ISITC’s Blockchain DLT Working Group at a meeting earlier this month, the benchmarks are the latest step in a series of global efforts aimed at ensuring blockchain can enable a new wave of efficient, decentralized data sharing without recreating today’s siloed centralized database infrastructure.
But creating reliable standards across industries and borders is about more than just helping ensure interoperability, according to co-chair of the ISITC Blockchain DLT Working Group, Gary Wright. Rather, the creation of blockchain standards is a key step towards improving the bottom line for companies that use distributed ledger technology.
Wright, who also sits on the European executive board of ISITC and co-founded London-based Block Asset Technologies, told CoinDesk:
“We won’t be able to sell anything unless people understand what we’re selling and what they want to buy. It’s in our interest to standardize so people will invest.”
The benchmarks introduced at the blockchain working group meeting deal with blockchain resilience, scalability, latency, data structure, auditability, governance, legal jurisdiction, regulation and software version control.