The Missing Links In The Chains? Mutual Distributed Ledger (aka Blockchain) Standards

So what might standards in these areas look like?Taxonomies & performance standards need to be outcome-focused sets of definitions and characteristics, so that regulators and potential purchasers can assess MDLs based on their outputs, rather than the mechanics of how they operate; Data governance & liability standards need to pay fundamental attention to the civil liberty implications of data aggregation, sharing and mining; Commercial governance & liability standards need to structure how organisations link legally and contractually with MDLs. So how could a voluntary standards market be established? Three potential routes present themselves;ISO standards developed at a global level with national standards institutions and wider stakeholders. Standards Australia are considering this route on technical standards for block-chains. ISO standards carry immense credibility because of their well-established model for certification and accreditation, but the ISO path can be a long one;Publically Available Specifications (PASs) created with a national standards institution, perhaps later rolled-out as an ISO standard. This route has the advantage of creating standards which are close to the industries they are intended for, resulting in cost-effective and streamlined solutions.Open process standards work up from industry participants, but can suffer from a tendency to certification and accreditation procedures, the end result can lack credibility.In conclusion, “The Missing Links in the Chains” confirms that the establishment of a voluntary standards market may be beneficial in promoting the uptake of MDLs by providing certainty to both users and developers, while assisting regulators in fulfilling their duties. Further consideration is needed on the scope of ‘taxonomies & performance', ‘data governance & liability', and ‘commercial governance & liability'. And of course, a big question mark about what group is prepared to pay to take standards forward?