Hyperledger members to take roles at international transaction standards body

Rage Review : Leading members of the Hyperledger blockchain project will take up positions at the European branch of the International Trade Association for Institutional Transaction Communications (ISITC), aiming to lay the foundation for global distributed ledger technology standardization. Gary Wright, co-chair of ISITC Blockchain Distributed Ledger Technology (DLT), told CoinDesk that the intention of this academic speech was to show his team members the difference between Hyperledger and other blockchain projects. However, when using an internal blockchain, the first thing to consider is the community's interests.

Translation: Nicole

Next week, leading members of the Hyperledger blockchain project will take up new roles at the European branch of the International Society for Institutional Transaction Communications (ISITC).

The public event, which will be held at London City University on Thursday, is the culmination of work by ISITC’s newly formed Blockchain DLT Working Group, which aims to lay the foundations for global standardization of distributed ledger technology.

Gary Wright, co-chair of the ISITC’s blockchain distributed ledger technology (DLT) group, told CoinDesk that the purpose of the academic presentation was to show his team members the difference between Hyperledger and other blockchain projects.

More than just a messaging event, Wright hopes to build a conversation around real ‘success stories’ for Hyperledger and the possible advantages of standardization.

He said:

"This is a seminar, so there will be a lot of questions. They won't be communicating their questions, instead they will be answering questions."

The ISITC Blockchain DLT Working Group emerged earlier this year when he, a member of the ISITC European Executive Committee and co-founder of London-based Block Asset Technologies, was invited to create a list of 10 blockchain standards to promote the future development of blockchain.

Since then, the working group has invited a number of third parties, including London blockchain architecture Credits and settlement platform Setl, to give presentations. After the Hyperledger discussion, Block Asset Technologies director Scott Riley will lead the conversation to discuss DLT standards and progress made.

Following this flurry of activity, the working group shifted its strategy slightly, focusing instead on what Wright called a cross-industry 'architecture'.

In a report published earlier this year, Wright said his organisation was being contacted by standards bodies 'on both sides of the Atlantic' and he had accepted an invitation from the British Standards Institute to present its progress.

Future Work

As part of the ISITC’s work, Wright said he would prioritize collaboration with other standards bodies and consortiums like Hyperledger to minimize duplication of events.

Later this month, for example, Wright said he will have a conference call with ISITC North America to discuss work.

Additionally, he hopes to moderate a panel with Michael Mainali, chairman of risk management think tank Z/Yen Group, at the ISITC plenary meeting in October to explore the potential impact of blockchain in insurance.

Michael Mainali

He hopes the work will culminate in collaboration with the international standards body IEEE.

He concluded:

“No seller should be selling as a seller. It’s about the good of the community. Even if you’re going to use an internal blockchain, it’s still about the good of the community.”