A research report published on September 5th by financial services company Moody’s stated that blockchain technology would most likely be standardized in 2021.
The drive towards the growth of blockchain and a deeper understanding of its potential and possibility will only start happening in 2021. Time and cost savings, automation, and faster data availability would be a result of the standardization. According to Moody’s, interoperability will also be improved, which would lead to better efficiencies in operations in business and related sectors.
Frank Cerveny, a senior research analyst at Moody’s, said:
“Standardization of blockchain technology would make its benefits more accessible for securitizations. Standardization would improve interoperability across systems and market participants, but also reduce counterparty concentration, operational and legal/regulatory risks for transactions that use blockchain technology.”
As suggested by Moody’s, interoperability will only start coming around in 2021; therefore, there is still a year and a half before blockchain will be widely adopted. The report also states that global blockchain standardization is primarily driven by the International Organization for Standardization (ISO).
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