Report Says Blockchain Technology Will be Standardized by 2021

Blockchain innovation will most probably be standardized by 2021, as per American business and financial services firm Moody’s.

Per the research report distributed on September 5, these models will likely be set up in the blockchain business by 2021 and will be certain for “future securitisations using the technology.” The organization asserts this could bring about time and savings, automation, and quicker information accessibility.

Besides, Moody’s Investors Service expresses that the business measures could likewise bring better interoperability and other operational efficiencies. Frank Cerveny, a senior research analyst at Moody’s, underscored:

“Standardisation of blockchain technology would make its benefits more accessible for securitisations. […] Standardisation would improve interoperability across systems and market participants, but also reduce counterparty concentration, operational and legal/regulatory risks for transactions that use blockchain technology.” 

The announcement asserts that this activity is essentially driven by the International Organization for Standardization. The researchers likewise note that the present absence of standardization and interoperability limits operational productivity gains and elevates potential dangers.

As previously reported, blockchain interoperability is the capacity to share data over various blockchain systems without confinements.