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Gartner: Blockchain Pilots Highlight Need for Standards

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Gartner: Blockchain Pilots Highlight Need for Standards
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In July, Marubeni Corporation and Sompo Japan Nipponkoa Insurance completed an international trade transaction using blockchain. Marubeni’s Japanese and Australian entities participated in the transaction, which apparently used Hyperledger Fabric and support by Mizuho.

Digitalizing the process on the blockchain reduced the transaction time from days to a couple hours, while reducing labor costs. The advantage Marubeni had was that this was an internal transaction. There was no need for multiple organizations to agree on standards. This was one of the points Mizuho highlighted: international standards must be created for all parties participating in a given blockchain network.

Distributed ledgers provide a certain level of trust and a venue for digitalizing transactions, but many technologies can do that. If blockchain’s performance challenges can be overcome, the real work of creating international standards for a multitude of transaction types must be completed. Not only will dozens, perhaps hundreds, of organizations have to agree on standards for each transaction category, but international regulators must also be involved.

Read the entire article here, Blockchain Pilots Highlight Need for Standards

via the fine folks at Gartner

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Gartner, Inc. (NYSE: IT) is the world’s leading information technology research and advisory company. The company delivers the technology-related insight necessary for its clients to make the right decisions, every day. From CIOs and senior IT leaders in corporations and government agencies, to business leaders in high-tech and telecom enterprises and professional services firms, to technology investors, Gartner is the valuable partner to clients in approximately 10,000 distinct enterprises worldwide. Through the resources of Gartner Research, Gartner Executive Programs, Gartner Consulting and Gartner Events, Gartner works with every client to research, analyze and interpret the business of IT within the context of their individual role. Founded in 1979, Gartner is headquartered in Stamford, Connecticut, USA, and has 8,300 associates, including more than 1,800 research analysts and consultants, and clients in more than 90 countries. For more information, visit www.gartner.com.

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