Need for Blockchain Standards

James Drake, Co-Founder, and CEO of Embermine Inc. based in the United States participate in Risk Roundup to discuss the need for...

James Drake, Co-Founder, and CEO of Embermine Inc. based in the United States participate in Risk Roundup to discuss the need for Blockchain Standards.

Need for Blockchain Standards

The blockchain technology that provides individuals and entities across nations: its government, industries, organizations, and academia (NGIOA) a unique way of digitally recording communication, collaboration, content, and contracts in a way that seems to be secure, safe, transparent, auditable, and efficient, is now rapidly moving beyond proof of concepts to production pilots.

Whilst blockchain technology developments, use rates, and confidence have increased across nations, there is also a growing concern that even though the technology offers great promise and potential for building digital systems, the lack of effective safety, security, privacy, identity authentication, and defined interoperability standards are creating complex challenges to scaling up the use of the technology to build sustainable digital systems on a global scale.

As a result, it is important to identify, understand and evaluate various technical and non-technical issues associated with developing, governing, and securing both public and private blockchains.

And clearly, the development of global standards will allow blockchain community –not only scalability of blockchain initiatives, but also bring security, support privacy, authentication, legalization of smart contract, and bring effective governance and sustainability for blockchain technology to further establishing market confidence in the use and application of the technology.

Time is now to understand and evaluate the Need for Blockchain Standards!

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