Supporters of the blockchain technology including representatives from IBM, the Linux Foundation, Hyperledger and JPMorgan will gather today to work on the absence of grown-up governance that stands as the biggest issue hobbling blockchain technology.
According to the reports by Bloomberg, the meeting will take place for three days and will see a dozen supporters from the software industry. The gathering is being hosted by Don Tapscott, co-author of the book “Blockchain Revolution” at his family’s summer compound in Lake of Bays, Ontario, and he says that it could lead to the creation of a new organization.
With more financial institutions and companies in other industries adopting blockchain technology, there is a need for more standard-setting organizations to resolve any issues and speed up the development of the technology. Unlike bodies such as the Internet Engineering Task Force and the Internet Governance Forum that foster the growth of the internet, blockchain technology lack in such support.
“For digital currencies, none of that exists, or it’s very embryonic,” Don Tapscott said. “So we decided we are going to make some progress here.” He also added that the meet will be attended by individual veterans in the industry, representing their organizations, as reported by Bloomberg.
The representatives include Jim Zemlin, executive director of the Linux Foundation; Brian Behlendorf, executive director of the Hyperledger Project; Ana Lopes, board member of the World Wide Web Foundation, among others. Also, participants from blockchain industry include Jamie Smith, chief global communications officer of BitFury Group and Joseph Lubin, founder of Consensus Systems.
“The goal is to try to come up with insights and concrete actions to moving forward,” Tapscott added.
