Blockchain Talk: Technology First, Standards Second

04/03/2016

During a panel session on blockchain technology at the latest Payments Innovation Alliance meeting, the topic of standards for the innovative technology came up.

While some attendees were skeptical that banks could come up with workable standards for blockchain in a reasonable amount of time, at least one participant was optimistic. Granted, he works for a company that develops blockchain technology—but he still offered important insights into how standards could, and should, come about.

“When financial institutions get aligned around a common cause, it’s much easier to develop standards than it used to be,” he said. “The reason why is, you’re all working towards the same end game.”

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