Blockchain technology is quickly becoming an essential part of many businesses and institutions’ key operations. According to Moody’s, a United States-based business and financial services company, there is a very high chance that blockchain tech will be standardized by 2021.
The report from Moody’s was publish last week and it highlighted that blockchain standardization will most likely be established in the industry in 2 years. Moody’s also claims that as the technology develops further, cost reduction, automation, data availability and time-saving would be the inevitable results.
Blockchain standardization would also result in a lot of the technology’s benefits being accessible for security purposes. The interoperability across systems and various market participants would be improved while simultaneously reducing counterparty concentration and the possible operational and regulatory risks which blockchain-dependent transactions currently face.
Where is the push for Blockchain Standardization coming from?
Many people have wondered if there’s a mass industrial push behind the entire ordeal. The announcement claims however, that the initiative is almost entirely driven by the International Organization for Standardization.
As the current situation stands, there is a clear lack of standardization and interoperability which limits the operational efficiency gains and greenlights the many potential risks.
There is also a noticeable movement in many different industries and government sectors regarding blockchain tech. There seems to be a ridiculously high demand for software engineers with blockchain development skills recently.
Many universities have noticed the trend and seem to be opening more and more courses related to blockchain technology. Ripple’s head of social impact Ken Weber, recently stated that there is a urgent need for a drastic increase of blockchain education.
Amazon seems to also recognize the potential of blockchain technology as it’s investing heavily in blockchain advertisements.
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Tags:#internationalblockchain standardizationindustries integrating blockchainMoody's blockchainMoody's research