The International Securities Association for Institutional Trade Communication (ISITC) Europe is working with Organization for the Advancement of Structured Information Standards (Oasis) in order to assist financial services industry in adopting blockchain or Distributed Ledger Technology (DLT) and define technical standards, according to reports by banking technology.
According to the official release, the ISITC working group believes that the measurable standards introduction based on both technology and operational requirements will help in bringing transparency to the blockchain technology. With this objective, the working group has established a series of DLT benchmarks that will be constantly under review by the ISITC working group.
“There is an industry-wide void in the understanding of how blockchain/DLT technology can be implemented and a fragmentation in its application. The benchmarks will provide a valuable tool that will help the industry make sound, informed decisions and 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,” Gary Wright, co-chair of the ISITC Europe blockchain working group said as reported by banking technology.
The benchmarks of ISITC Europe DLT establish a methodology for resilience, scalability, security, latency, data, governance, legal, regulatory, software, and network. The ISITC Blockchain DLT Working Group has invited involvement from across the financial industry to maintain and supplement the benchmarks.
“With the proliferation of blockchain projects “the need for clearly defined metrics becomes vital,” Laurent Liscia, CEO of Oasis stated.
The working group plans to engage with leading academics and universities along with industry startups in order to build depth in the benchmarks. As the technology evolve, the benchmarks will be ongoing and continuously evolving, ensuring that it is relevant to financial markets and its players.
