Moody's predicted standardization of blockchain technology by 2021

Blockchain technology is more likely to be brought under common standards by 2021. This is stated in a report published this week by the international rating agency Moody's.

According to analysts, such standardization will have a positive impact on asset securitization using technology, as it will help reduce time and costs, as well as provide automation and faster data availability.

In addition, common standards will also help achieve better interoperability of blockchains, that is, the ability to exchange information between different networks without restrictions.

At the moment, analysts believe that the lack of standardization and interoperability not only reduces the efficiency of processes, but also increases the risks for the parties involved.

“Standardization will improve the interoperability of systems, as well as reduce the presence of counterparties and operational, legal and regulatory risks for transactions using blockchain technology, ” wrote Frank Cerveni, senior analyst at Moody's.

In 2016, the Technical Managing Bureau of the International Organization for Standardization (ISO) approved the creation of a new technical committee dedicated to standardization in the field of blockchain – ISO / TC 307.

The committee was led by Australia, which in March 2017 published the first of its kind roadmap for developing blockchain standards.

At that time, Russia abstained from joining the TC, and in August 2018 the Federal Agency for Technical Regulation and Metrology (Rosstandart) announced the formation of its own technical committee for standardization of decisions based on the blockchain.

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