Foreign media: European ISITC and Oasis take action to develop technical standards for blockchain

European institutions International Securities Association for Trade Communications (ISITC) and the Organization for the Promotion of Structured Information Standards (Oasis) have begun taking action to develop technical standards for blockchain. Once the standards are developed, their applications can be implemented quickly. Now that many blockchain projects have emerged, the establishment of standards can provide a useful tool to help the industry make thoughtful and wise decisions, and call on all kinds of financial services companies to join the ISITC European action to promote the development of blockchain DLT standards.

The International Securities Association for Trade Communications (ISITC), a European institution, and the Organization for the Advancement of Structured Information Standards (Oasis) have jointly developed technical standards for blockchain/distributed ledger technology (DLT).

“The project will build on the DLT benchmarks developed by the ISITC European Blockchain Working Group to build international support for a set of measurable standards and operational requirements for blockchain technology,” the company said.

The European ISITC DLT Benchmark sets out a set of measurement methods for the following technologies:

elasticity

Scalability

Safety

Delay

data

manage

law

Regulation

software

network

Gary Wright, co-chair of the ISITC European Blockchain Working Group, said, “There is still a gap in how blockchain DLT technology should be implemented across the industry, and there is also a disconnect in its applications.”

He hopes that the benchmarks “will provide a useful tool to help industry make thoughtful and informed decisions, and by combining academic research with industry operational knowledge, a resilient and sustainable benchmark will be developed that can become a trusted standard.”

Laurent Liscia

Laurent Liscia, CEO of Oasis, said that as blockchain projects continue to emerge, “clearly defined metrics are critical.”

Nigel Solkhon, CEO of ISITC Europe, called on “financial services firms of all types to join ISITC Europe in advancing the development of blockchain DLT standards.”