INATBA and European Commission
The event discussed progress made in the community with regards to standardisation of Blockchain/Distributed Ledger Technologies, ongoing challenges and collaboration opportunities. This workshop sets a starting point for further thematic discussions related to Smart Contracts, Digital Identity, Governance, Interoperability and CBDC/Crypto Assets.
Event TakeawaysThe event demonstrated a broad consensus on the need to work towards interoperability, as a mean to enable a stronger take up of the technology. Blockchain is an open ecosystem, where industry, public administrations and all stakeholders benefit from having the interoperable frameworks that standards provide.
While coordination and harmonisation at global level are essential drivers for standardisation, the use cases of blockchain are very heterogeneous and legal requirements may vary in the different geographies. Thus, there is still a need to ensure localisation of conformity in the different regions, in particular in such areas as identity, smart-contracts and CBDC/crypto-assets.
Another important element for the success of blockchain standardisation is inclusivity. The technology is by nature democratic with low entry barriers allowing many companies and stakeholders to contribute to it. Blockchain standardisation activities follow the same approach by attracting participants and inspiring different initiatives globally. Yet, up to date knowledge about fast moving, novel technologies and connected legal requirements is still a scarce resource, thus additional incentives and public support for the participation of relevant experts and under-represented stakeholders should be encouraged.
With a more mature development of the market in sight, governance remains an important element. In the dynamics between a bottom-up ecosystem and top-down regulatory approaches, the market driven and voluntary nature of standards making creates good ground for inclusive cooperation. Thus, many participants agree that governance is one of key priorities for standardisation initiatives.