ISITC’s newly formed Blockchain DLT Working Group are attempting to lay the foundation for a global effort to standardize distributed ledger technology.
During a public event held at London Metropolitan University, IBM vice president of global financial markets, Keith Bear along with an IBM blockchain specialist and Leading members of the Hyperledger blockchain addressed ISITC about current activities of Hyperledger Fabric, use cases, and deployment in wholesale markets.
In a recent article for Coindesk, Co-chair of the ISITC Blockchain Distributed Ledger Technology (DLT) Working Group, Gary Wright, explained how the academic lecture intended to give his group’s membership an idea of what differentiates Hyperledger from other blockchain projects.
The ISITC Blockchain DLT Working group emerged earlier this year when Wright, who sits on the European executive board of ISITC and co-founded London-based Block Asset Technologies, was invited to create a list of 10 blockchain standards for future development.
Since then, the working group has invited multiple third party organizations including London-based blockchain framework Credits and settlements platform Setl to address the groups. Following the Hyperledger discussion, the director of Block Asset Technologies, Scott Riley, will lead the discussion on DLT standards and the progress being made.
As a result of the series, the working group has changed its tact slightly to focus on what Wright calls a cross-industry “framework” from which a slightly modified list of benchmarks might eventually emerge.
Following a Coindesk report on the working group earlier this year, Wright says his organization was contacted by standards organizations on “both sides of the Atlantic”, and he’s been invited by the British Standards Institute to present what they’ve learned so far.
Gary Wright – Co-chair of the ISITC Blockchain Distributed Ledger Technology (DLT) Working Group concludes,
“None of the vendors who are out there should be selling as a vendor. This is about the benefit of the community. Even if you’re going to use an internal blockchain, you have to focus on the community first.”