ISITC Europe and Oasis to define technical standards for blockchain
ISITC Europe and Oasis team up to define technical standards for blockchain
The International Securities Association for Institutional Trade Communication (ISITC) Europe and the Organisation for the Advancement of Structured Information Standards (Oasis) are to jointly define technical standards for blockchain/distributed ledger technology (DLT).
“Based on DLT benchmarks developed by the ISITC Europe Blockchain Working Group, the project will secure international support for a suite of measurable standards for blockchain technology and operational requirements,” the companies state.
The ISITC Europe DLT benchmarks establish a methodology for:
- resilience
- scalability
- security
- latency
- data
- governance
- legal
- regulatory
- software
- network.
Gary Wright, co-chair of the ISITC Europe Blockchain Working Group, says “there is an industry-wide void in the understanding of how blockchain DLT technology can be implemented and a fragmentation in its application”.
He hopes the benchmarks “will provide a valuable tool that will help the industry make sound, informed decisions” and that “by combining academic research with industry operational knowledge, we’ll produce a resilient and sustainable benchmark that can become a standard that can be trusted”.
Laurent Liscia, CEO of Oasis, states that with the proliferation of blockchain projects “the need for clearly defined metrics becomes vital”.
Nigel Solkhon, CEO of ISITC Europe, is calling on “all types of financial services firms to join the ISITC Europe march to blockchain DLT standards”.
