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The ISITC Europe Blockchain working group has discussed how best to assist the financial services industry in the adoption of Blockchain Distributed Ledger Technology (DLT). At this juncture, with numerous service offerings emerging, the working group believes that the introduction of measurable standards based on both technology and operational requirements is vitally important. With this objective in mind the working group has established a series of Blockchain DLT benchmarks.
The Co-Chairs of the working group, Gary Wright, CEO of BISS Research and Scott Riley, Director of Block Asset Technologies will further verify the standards through industry engagement alongside establishing a methodology for measuring each of the benchmarks. Ratification of these standards will also be undertaken with academia to ensure the independent verification of both the framework and assessment methodology.
The standards are: Resilience, Scalability, Security, Latency, Data, Governance, Legal, Regulatory, Software and Network (the framework can be downloaded here).
Gary Wright, Co-Chairman of the ISITC Europe Blockchain Working Group said “As an industry there is a void in the understanding of how Blockchain DLT technology can be implemented and a fragmentation in its application. This initiative by ISITC Europe to create Blockchain DLT benchmarks will provide a valuable tool to assist the industry to make sound and informed decisions. It is important that academic research is combined with industry operational knowledge to produce a resilient and sustainable benchmark that can become a standard and that can be trusted.”
Nigel Solkhon, CEO of ISITC Europe said, “ISITC Europe has always promoted industry standards and in developing these benchmarks we are leading the way again. The introduction of standards that firms can apply in their particular Blockchain DLT projects should help them make better decisions and make implementation easier. We encourage all types of financial services firms to join the ISITC Europe march to Blockchain DLT standards “
